Hindustan Zinc Inks Deal To Acquire 180-MW Renewable Energy From Serentica

Hindustan Zinc Ltd. has signed a power delivery agreement with Serentica Renewables India Pvt. for its 180 MW solar project, according to an exchange filing on BSE.

Located in Bikaner, Rajasthan, this is Serentica's first successful project commission.

“The successful and ahead-of-schedule commissioning of Phase 1 (solar) in Bikaner exemplifies Serentica’s commitment to accelerating India’s clean energy transformation," said Akshay Hiranandani, chief executive officer of Serentica Renewables.

This project represents a significant leap forward in delivering large-scale renewable energy solutions for decarbonising industries, he said. "We look forward to completing the wind park and showcasing the full potential of our groundbreaking multilocation hybrid model."

The power project is known as Bikaner Power Park.

The company had signed a power delivery agreement in FY23 for sourcing 450 MW that will help mitigate 2.7 million MT of carbon emissions, the filing said. Hindustan Zinc had entered into power delivery agreements with Serentica for the supply of round-the-clock power. This will facilitate operational reliability and sustainability across its key business units, the company said.

"While Hindustan Zinc has an existing captive solar power capacity of 40.70 MW of solar power and depends on conventional fuel sources for the rest of its power requirements, this renewable power from Serentica will increase the quantum of renewables in the company’s overall energy mix," the filing said.

The companies aim to annually reduce approximately 0.45 million tonnes of carbon dioxide emissions through this initiative.

“We remain proactive in investing in our climate action initiatives, progressing on our journey to net zero by 2050 or sooner. This project will not only reduce our dependency on conventional fuels and minimise our total environmental footprint but also aid our transformation towards decarbonising our operations, paving the way for a fully sustainable future," said Arun Misra, chief executive officer of Hindustan Zinc.

Shares of Hindustan Zinc closed 1.49% higher at Rs 669 per share, compared to a 0.03% decline in the Nifty 50.