Ferroalloy producer Indian Metals & Ferro Alloys (IMFA) has announced a joint venture with JSW Green Energy to source 70 MW of renewable energy for its smelting operations.

IMFA has signed a binding term sheet with JSW Green Energy One and JSW Green Energy Seven, investing ₹832.6 million (~$9.8 million) in a wind-solar hybrid project that combines 50 MW solar and 100 MW wind.

The company will also sign a power purchase agreement as a captive consumer valid for 25 years.

IMFA consumed 18,881 joules of renewable energy in the financial year 2023-24, as per its annual report. The company has also taken various measures to reduce its carbon emissions and switch to green energy.

The company has two 4.5 MW solar projects at Therubali with capacities of 3 MW and 1.5 MW, and a 50 kW rooftop solar system

It also said that a 50 MW green energy expansion for the Kalinganagar facility is in the . Additionally, it also installed 43 kW and 8 kW rooftop systems at SMC substation.

The company said in the annual report that future power requirements will largely be met through hybrid renewable energy, which will enable the company to meet its energy transition targets.

Recently, JSW Energy’s special purpose vehicle JSW Green Energy Eight also signed a power purchase agreement to supply power to Indus Towers in captive mode. Indus has also proposed to invest approximately ₹380.3 million (~$4.4 million) to acquire 26% equity shares in the SPV.

In 2023, corporations announced a record 46 GW of solar and wind contracts, with a 12% year-over-year increase from 41 GW in 2022, per Bloomberg New Energy Finance’s Corporate Energy Market outlook report.