Hindustan Zinc enters into long-term captive renewable power development plan, with a capacity of 200MW – EQ Mag Pro

In line with Prime Minister Narendra Modi’s vision of making India’ Net Zero’, Hindustan Zinc has joined the global movement of leading companies that are aligning their business to limit global temperature rise to 1.5C above preindustrial levels and reach net-zero value chain emissions by no later than 2050.

Hindustan Zinc has set an ambitious target for a 40% reduction in carbon footprint by 2030 and achieving Carbon Neutrality by 2050 by transitioning towards renewable energy. Towards this goal, Hindustan Zinc is 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 200MW.

This project will be built under Group Captive norms and Build Own Operate (BOO) basis under a Special Purpose Vehicle (SPV), in which the Company will own 26% of the equity with contributions up to Rs 350 crore. This SPV is expected to start delivering the power within 24 months of the signing of the Power Delivery Agreement (PDA).

It is in line with Hindustan Zinc’s strategic objective of reducing dependence on conventional sources of energy & transitioning from thermal power to Renewable power, thereby reducing GHG emissions of its operations. This reaffirms the company’s proactive approach to sustainability which will go a long way toward maintaining the leadership position in Dow Jones Sustainability Index.

Commenting on the development, Mr Arun Misra, CEO said, “I am elated that we are marching ahead in our ESG roadmap for the development of renewable power supply up to 200 MW. Hindustan Zinc stands committed to decarbonising its operations and transitioning to the production of Green Products of zinc and lead. We remain proactive towards investing in our climate change initiatives & thereby progress on our journey of net zero by 2050.”

Source: PTI