Vedanta Group authorises equity investment for 691 MW renewable energy projects

The board of directors of the Vedanta Group has approved the procurement of 691 MW of renewable energy to power the company’s aluminium, copper, and oil and gas operations across India. The company will obtain 91 MW of hybrid renewable energy which includes 50 MW for aluminium operations, 16 MW for copper operations, and 25 MW for oil and gas operations and 600 MW of solar energy for aluminium operations. In order to implement these renewable energy projects for long-term power supply to its operations, Vedanta will create special purpose vehicles (SPVs) with Serentica Renewables India. Vedanta Limited and its subsidiaries will own 26 per cent of the equity in the respective SPVs, with Serentica Renewables India owning the rest.