Ferroalloy producer Indian Metals and Ferro Alloys (IMFA) has announced it will procure 65 MW of renewable energy from EG Urja Strot’s 184 MW wind-solar hybrid project, which includes a 25 MWh battery storage component.

IMFA has signed a 29-year power purchase agreement with EG Urja Strot and acquired a 26% equity stake in the company for an aggregate consideration of approximately ₹1.1 billion (~$11.5 million).

The 184 MW wind-solar hybrid project with 25 MWh of battery storage is expected to be commissioned by June 2027.

The power will be used to operate IMFA’s ferrochrome operations.

Previously, IMFA announced the sourcing of 70 MW of hybrid renewable energy, with commissioning expected in the second quarter of the financial year 2027. After signing this power procurement agreement, IMFA’s total contracted renewable energy supply portfolio stands at 135 MW.

Renewable energy is expected to account for nearly 40% of the company’s total energy mix in the next fiscal year.

IMFA manufactures value-added ferrochrome with an installed furnace capacity of 289 MVA, capable of producing 434,000 tons per annum. The company operates captive chrome ore mines at Sukinda and Mahagiri in Odisha, along with manufacturing complexes at Therubali, Choudwar, and Kalinganagar.

It also has captive power generation capacity comprising 200 MW of coal-based power and 4.55 MW of solar.

With the greenfield ferrochrome project in Kalinganagar, its total furnace capacity stands at 355 MVA. The chrome ore requirement for the enhanced smelting capacity will be entirely met from IMFA’s captive chrome ore mines.

As part of its diversification strategy, the company is setting up a 120 kL/day grain-based ethanol plant at Therubali.

In its annual report, IMFA announced a target to increase renewable energy procurement by 5% by March 2026.

Last year, IMFA announced that it would procure 40 MW of power from AMPIN Energy’s 116 MW wind-solar hybrid power project.

The cumulative capacity of 110 MW of wind-solar projects is expected to be commissioned by June 2026, reducing its power procurement from coal-based sources.