Hindustan Zinc Limited (HZL) said that it will invest Rs 350 crore in a special purpose company to generate up to 200 megawatts (MW) of renewable energy capacity.
HZL said in a statement that the project would be developed under group captive standards on a Build-Own-Operate (BOO) basis through a special purpose vehicle (SPV).
HZL would own 26% of the SPV’s equity, with contributions of up to Rs 350 crore, according to the company.
“We have set an ambitious target for a 40 per cent reduction in carbon footprint by 2030 and achieving carbon neutrality by 2050 by transitioning towards renewable energy. Towards this goal, we are happy to announce that the company has approved the proposal for entering a long-term group captive renewable power development plan up to a capacity of 200 MW,” the statement said.
