New Delhi, June 8 -- Tata Power Renewable Energy Limited through its subsidiary TP Vardhaman Surya Limited, has been granted the Letter of Award (LOA) to develop a 966MW Round-the-clock (RTC) hybrid renewable power project for Tata Steel, the company said in a statement on Thursday.
This project, combining solar and wind power, stands as one of the largest industrial RTC power purchase agreements (PPAs) under the Group Captive segment in India.
The project will comprise a solar capacity of 379MW and a wind capacity of 587MW. Tata Steel, a prominent global steel producer with an annual crude steel capacity of 35 million tonnes, seeks to meet a significant portion of its green energy requirements through this initiative. The project is anticipated to curtail carbon dioxide (CO2) emissions by approximately 2,389,160 tons each year.
As part of the agreement, Tata Steel will invest 26% equity in the project, with the commissioning targeted for 1 June, 2025.
"Tata Power and Tata Steel are committed to jointly develop green energy solutions. The 966MW RTC (Round-the-clock) hybrid renewable power project marks a significant step towards our combined efforts to accelerate the adoption of clean and green energy to meet the net zero target," said Praveer Sinha, CEO & MD, Tata Power.
"We are pleased to partner with Tata Power Renewable Energy Limited to secure a significant portion of our power requirements from renewable sources. This agreement aligns with our sustainability vision and will contribute to the reduction of carbon emissions associated with our operations. We believe that renewable energy is the future, and this partnership enables us to take one of the steps towards achieving our target of net zero by 2045," said T. V. Narendran, CEO & MD, Tata Steel.
With the addition of this project, the total renewable capacity of Tata Power Renewable Energy Limited reaches 7,756MW, with 4,059MW already installed (3,107MW of solar capacity and 952MW of wind capacity), and an additional 3,697MW under various stages of implementation. Published by HT Digital Content Services with permission from MINT. For any query with respect to this article or any other content requirement, please contact Editor at email@example.com