Hindustan Zinc enters into a long-term captive renewable power development plan, with a capacity of 200 MW
UDAIPUR, India, April 1, 2022 /PRNewswire/ — In line with Prime Minister Narendra Modi’s vision of making India‘ Net Zero’, Hindustan Zinc has joined the global movement of leading companies that are aligning their business to limit global temperature rise to 1.5°C above preindustrial levels and reach net-zero value chain emissions by no later than 2050. Hindustan Zinc has set an ambitious target for a 40% reduction in carbon footprint by 2030 and achieving Carbon Neutrality by 2050 by transitioning towards renewable energy.
Towards this goal, Hindustan Zinc is happy to announce that the company has approved the proposal for entering a long-term group captive Renewable Power development plan up to a capacity of 200MW.
This project will be built under Group Captive norms and Build Own Operate (BOO) basis under a Special Purpose Vehicle (SPV), in which the Company will own 26% of the equity with contributions up to INR 350 Cr. This SPV is expected to start delivering the power within 24 months of the signing of the Power Delivery Agreement (PDA).
It is in line with Hindustan Zinc’s strategic objective of reducing dependence on conventional sources of energy & transitioning from thermal power to Renewable power, thereby reducing GHG emissions of its operations. This reaffirms the company’s proactive approach to sustainability which will go a long way toward maintaining the leadership position in Dow Jones Sustainability Index.
Commenting on the development, Mr Arun Misra, CEO said: “I am elated that we are marching ahead in our ESG roadmap for the development of renewable power supply up to 200 MW. Hindustan Zinc stands committed to decarbonising its operations and transitioning to the production of Green Products of zinc and lead. We remain proactive towards investing in our climate change initiatives & thereby progress on our journey of net zero by 2050.”
About Hindustan Zinc Limited:
Hindustan Zinc, a Vedanta Group Company, is one of the world’s largest and India’s only integrated producers of Zinc-Lead and Silver. The Company has its headquarters at Udaipur in the State of Rajasthan where it has its Zinc-Lead mines and smelting complexes. Hindustan Zinc is self-sufficient in power with captive thermal power plants and has ventured into green energy by setting upwind power plants. The Company is ranked 1st in Asia-Pacific and globally 5th in Dow Jones Sustainability Index in 2021 amongst Mining & Metal companies. Hindustan Zinc is a certified Water Positive Company, a member of the FTSE4Good Index & S&P Global Sustainability Yearbook 2022 and a Bronze Medal winner at the S&P Global Sustainability Awards.
Being a people-first company, Hindustan Zinc believes in inculcating the values of Trust and Excellence to have a culture of high performance in its workforce. The company takes pride in having some of the best-in-class people practices and employee-centric initiatives, which have certified Hindustan Zinc as – a ‘Great Place to Work 2021’, ‘Company with Great Managers 2020’ by People Business and the PeopleFirst HR Excellence Award.
As a socially responsible corporate, Hindustan Zinc has been relentlessly working to improve the lives of rural and tribal people residing near its business locations. The company is amongst the Top 15 CSR Spenders in India and is currently reaching out to 700,000 people in 184 villages of Rajasthan, 5 in Uttarakhand and 16 villages in Gujarat. As a market leader, Hindustan Zinc governs about 78% of the growing Zinc market in India.
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