June 8 (Renewables Now) - Tata Power Renewable Energy Ltd, a subsidiary of Tata Power Co Ltd (BOM:500400), on Thursday said it will develop a 966-MW round-the-clock hybrid renewable power project for Tata Steel (BOM:500470).
Through its subsidiary TP Vardhaman Surya Ltd, Tata Power Renewable Energy has received a letter of award to establish the project, which will include 379 MW of solar and 587 MW of wind power capacity and is described as one of the largest industrial round-the-clock power purchase agreements (PPAs) under the group captive regime in India.
Tata Steel will contribute 26% of the equity for the project. Commissioning is due by June 1, 2025.
The deal is a step towards Tata Steel’s target of net zero by 2045. At the same time, it increases Tata Power Renewable Energy’s portfolio to 7,756 MW, of which 3,697 MW at different stages of implementation and 4,059 MW in operation, including 3,107 MW solar and 952 MW wind.