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IMFA Enters into Joint Venture with JSW Green Energy
Indian Metals & Ferro Alloys Ltd (IMFA), the country’s leading fully integrated producer of ferro chrome, announced a joint venture with JSW Green Energy to source renewable energy for its smelting operations.
Indian Metals & Ferro Alloys Ltd (IMFA), the country’s leading fully integrated producer of ferro chrome, announced a joint venture with JSW Green Energy to source renewable energy for its smelting operations. IMFA has signed a binding term sheet with JSW Green Energy One Ltd and JSW Green Energy Seven Ltd, and will invest Rs 83.26 crores in a hybrid project that combines 50 MW AC solar and 100 MW wind for a total contracted capacity of 70 MW. The Company will subsequently sign a power purchase agreement (PPA) as a captive consumer which will be valid for 25 years.
Mr Binoy Agarwalla, Vice President & Head - Power Business Unit said: “As a pioneer in the ferro alloys industry with backward integration into captive power, renewable energy is a key aspect of reducing our carbon footprint. By combining solar and wind power, we are taking a proactive step towards a green future and aligning with the global trend of sustainability.”
