In order to get hybrid renewable power for its aluminium operations in Chhattisgarh, BALCO has signed into a contract with Serentica Renewables India Private Ltd (SRIPL).
Vedanta Ltd., a large mining company, has a subsidiary called Bharat Aluminium Company Ltd. (BALCO).
According to a regulatory filing by Vedanta, “BALCO has engaged into a Power Delivery Agreement (PDA) to source 105 MW hybrid renewable power for its aluminium operations in Chhattisgarh through Special Purpose Vehicle (SPV), i.e. affiliates of SRIPL.”
BALCO will control 26% of the equity in the SPV and the project will be financed at a debt to equity ratio of 70:30.
Construction of the hybrid energy plant will follow a captive model and a build-own-operate philosophy.
