Sterlite Copper collaborates with Serentica Renewables for renewable energy

Sterlite Copper, a subsidiary of Vedanta Limited, has partnered with Serentica Renewables India to develop a captive hybrid renewable energy project to supply 16 MW of green power to its Silvassa Unit.To establish the hybrid renewable energy project, Sterlite Copper and Serentica Renewables India will incorporate a special purpose vehicle (SPV). A power delivery agreement for the facility has been signed by the two companies.

The  power delivery agreement will be in effect for 25 years, beginning with the project’s commissioning date scheduled in August 2024. Serentica Renewables India will build, own, and manage the project. It will be financed on a debt-to-equity ratio of 70:30, with Sterlite Copper owning 26 per cent of the SPV.

Recently, Suzlon Group announced that it has bagged an order for its 3 MW series of wind turbines from Serentica Renewables. According to the notification, Suzlon will install 68 wind turbine generators (WTGs) with a hybrid lattice tubular (HLT) tower and a rated capacity of 3 MW each for Serentica’s 204 MW wind power project coming up at Koppal in Karnataka. The project is expected to be commissioned by early 2024.

Also, Serentica Renewables announced the signing of definitive agreements under which leading global investment firm KKR will invest an additional $250 million in the company. This latest investment, which builds on the $400 million investment made by KKR in November 2022 will support Serentica’s effort to achieve 4,000 MW of installed renewable energy capacity that will help in clean energy delivery to large-scale industrial customers.