Bhubaneswar-based Indian Metals and Ferro Alloys (IMFA) has entered into a power purchase agreement (PPA) with JSW Renew Energy Twelve to procure 70 MW of renewable energy.

This contracted demand will be met through 55 MW of solar and 108 MW of wind capacity.

IMFA also entered into a share subscription and shareholders’ agreement to acquire a 26% stake in JSW Renew Energy Twelve for ₹853.8 million (~$9.67 million).

JSW Renew Energy Twelve was incorporated on April 9, 2024, to supply renewable power.

The deal is expected to be completed between June and October 2026. The power will be supplied for 25 years.

IMFA had earlier entered into another agreement with JSW Neo Energy, JSW Green Energy One, and JSW Green Energy Seven to procure 70 MW of renewable energy. This contracted demand was supposed to be met through 50 MW of solar and 100 MW of wind capacity.

IMFA was set to purchase 26% equity in JSW Green Energy One and JSW Green Energy Seven for ₹832.6 million (~$9.43 million). However, these agreements were terminated due to the non-availability of the Central Transmission Utility’s substation in the specified location.

In June this year, IMFA signed another binding term sheet to procure 40 MW of power from Ampin Energy Utility One’s 116 MW wind-solar hybrid power project for ₹616 million. Ampin’s project comprises 58 MW each of solar and wind.

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 has plans to procure 50 MW of renewable energy for its expansion plan in Kalinganagar.

For its captive mines in Odisha’s Sukinda and Mahagiri areas, the company has established solar projects for captive consumption. It has also installed a 43 kW and an 8 kW rooftop solar project at a substation for its mines, at a cost of ₹2.4 million (~$28,036).

In the fiscal year 2024, the company generated 18,881 joules from renewable energy.