New Delhi, May 29 (PTI) Indian Metals & Ferro Alloys Ltd (IMFA) on Thursday said it has signed a power purchase agreement with AMPIN Energy Utility One to source 40 MW of renewable energy for its operations in Odisha.
The agreement is valid for 25 years, IMFA said in a statement.
"Under the terms of the PPA, IMFA will source 40 MW of contracted demand through a hybrid renewable energy solution, comprising 58 MW AC of solar and 58 MW of wind capacity," it said.
This partnership is expected to significantly reduce IMFA's carbon footprint, ensure long-term energy cost stability, and support the company's environmental, social, and governance (ESG) objectives.
"This long-term agreement with AMPIN Energy Utility One Private Limited is a milestone in our journey towards sustainable operations.
"By integrating hybrid renewable energy into our power mix, we are not only reducing our dependency on conventional sources but also reinforcing our commitment to responsible manufacturing," Bijayananda Mohapatra, Chief Operating Officer of IMFA, said.
Headquartered in Bhubaneswar, Indian Metals & Ferro Alloys Ltd (IMFA) is a fully integrated producer of value-added ferro chrome backed up by captive chromite mines and power generation unit.