Serentica Renewables to receive Rs350 crore from Hindustan Zinc

5 Sep 2022 , 09:16 AM

Hindustan Zinc and Serentica Renewables India 4 Private Limited signed a long-term renewable power delivery agreement (PDA) with a capacity of 200 MW.

To meet the long-term power needs of Hindustan Zinc under PDA, the company will invest Rs350 crore for 26% ownership in the special purpose vehicle (SPV), which was established on February 18.

Hindustan Zinc will own a total of 26% of the ownership in Serentica Renewables, with related entities owning the remaining equity. According to the company’s BSE registration, a debt to an equity funding ratio of 70:30 will be used for the project.

Hindustan Zinc plans to acquire renewable energy (RE) through a group captive power setup, and Serentica Renewables India 4 Private Limited was established to provide the company with electricity over an extended period.

According to location suitability, the SPV will establish captive power plants in various regions of India and supply the company with renewable energy over the long term.

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