IMFA Collaborates with JSW Green Energy for 70 MW Hybrid Renewable Power Supply

Indian Metals & Ferro Alloys Ltd. (IMFA) has taken a significant step towards embracing renewable energy by signing a binding term sheet with JSW Green Energy One Ltd. and JSW Green Energy Seven Ltd.

Under the agreement, IMFA will source 70 MW of hybrid renewable power, including 50 MW (AC) of solar capacity and 100 MW of wind capacity. 

As per the firm's statement, the collaboration aims to integrate renewable energy into IMFA's operations, reducing its reliance on conventional energy sources and aligning with its sustainability goals. To support this initiative, IMFA will invest  INR 3.26 crore in one or more tranches, securing a 26 percent stake in the power-producing entities. This investment will ensure access to clean energy while contributing to the growth of the renewable energy sector in India.

The two partner companies, JSW Green Energy One Ltd. and JSW Green Energy Seven Ltd., were incorporated in April and June of 2024, respectively. Focused on solar and wind energy, these companies will lead the development and supply of hybrid renewable power. As newly established entities, they have yet to complete a financial year, and financial details such as turnover are currently unavailable.

The renewable power supply is expected to commence by June 2026, ensuring a stable and sustainable energy source for IMFA's operations. The agreement does not fall within the category of related party transactions, as confirmed by IMFA, and was executed at arm's length.

Through this partnership, IMFA underscores its commitment to sustainability, leveraging hybrid renewable power to enhance its environmental responsibility while ensuring efficient energy management. By reducing its carbon footprint and transitioning to greener energy solutions, IMFA is aligning with India's ambitious renewable energy targets, including the goal of achieving 500 GW of non-fossil-based energy capacity by 2030.

This collaboration reflects the growing momentum towards renewable energy adoption within the industrial sector, showcasing how businesses can integrate sustainability into their operational framework while driving innovation and environmental stewardship.