Vedanta Aluminium procures 354 million units of renewable energy, becomes India’s largest green power purchaser

Vedanta Aluminium Business purchased 354 million units of solar and non-solar renewable energy primarily from Green Term-Ahead Market (GTAM) at IEX. The renewable energy will be used for its aluminium production unit at Jharsuguda, in Odisha.

With this acquisition, Vedanta Aluminium became India’s largest green power purchaser on the Green Market at the Indian Energy Exchange Limited (IEX) platform in Q1 FY 21-22. The company’s procurement of green power units is more than 35% of the green power traded on IEX in Q1 FY22.

Rahul Sharma, CEO – Vedanta Aluminium Business said, “Our sustainability imperatives are designed to fulfil our climate impact reduction targets, which are in complete alignment with the goals of Paris Agreement and Nationally Determined Contributions (NDC) submitted by the Government of India. To that end, our efforts have been towards adopting global best-practises in energy management and deploying advanced technologies to reduce our carbon footprint. Our long-term strategy focuses on migrating to low carbon energy mix, with gradual shift from fossil fuels to renewable energy, to produce green aluminium.”

IEX is a premiere energy marketplace and is the largest power exchange in the country. The purchase of green power allowed organisations like Vedanta and the industry to achieve carbon-mitigation targets while producing ‘green’ value-added products.

Rohit Bajaj, Senior Vice President & Head-Business Development, IEX, said, “At IEX, our constant focus has been to build a customer centric energy marketplace leveraging innovation and technology towards building India as a sustainable and efficient energy economy. The Green Term-Ahead Market offers the market participants an opportunity to trade in delivery based solar and non-solar renewable energy at the most competitive prices in a flexible manner. The market segment has been operational for over a year now and has received splendid response from industries, especially the energy intensive ones as well as the distribution utilities.”