IMFA Enters Into Joint Venture With JSW Green Energy

Bhubaeswar: Indian Metals & Ferro Alloys Ltd (IMFA) 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 said in a statement that it will subsequently sign a power purchase agreement (PPA) as a captive consumer which will be valid for 25 years.

Vice President & Head – Power Business Unit, Binoy Agarwalla 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.”

IMFA is putting up a 100,000 tonnes per annum greenfield facility at Kalinganagar in Odisha to augment its ferro chrome production in line with increasing demand.