Indian ferrochrome producer Indian Metals and Ferro Alloys Limited (IMFA) has entered into a joint venture with JSW Green Energy to source renewable energy for its smelting operations, a statement issued by IMFA said on Tuesday, December 24.
IMFA has signed a binding term-sheet with JSW Green Energy One Ltd and JSW Green Energy Seven Ltd and will invest INR 10 million in a hybrid project that combines 50 megawatts (MW) of solar power and 100 MW of wind power 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, it added.
"By combining solar and wind power, we are taking a proactive step towards a green future and aligning with the global trend of sustainability,” IMFA vice president Binoy Agarwala said.
IMFA is setting up a 100,000 mt per year greenfield facility at Kalinganagar, Odisha, to augment its ferrochrome production in line with increasing demand.