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Tata Power-backed subsidiary Tata Power Renewable Energy (TPREL), on Thursday, partnered with India’s leading stainless steel manufacturer Viraj Profile to set up a 100 MW captive solar plant. Tata Power will develop its Nandgaon plant at Nasik and it will power Viraj Profile’s Tarapur plant. The project will be commissioned in July 2023.
Under captive production rules, Tata Power will own 74% of the production, while Viraj Profile will own 26%.
Meanwhile, the energy produced will be used for captive consumption by Viraj Profile’s Tarapur Plant.
Through this, Viraj will become one of the first stainless steel long product manufacturing companies in India to use solar energy to run its manufacturing facilities. In addition, Viraj Profile’s dependence on non-renewable energy resources will be reduced by around 50%.
In its regulatory document, Tata Power emphasized that the plant is expected to produce about 200 MUs of energy and offset about 170.43 million kilograms of CO2 annually.
Ashish Khanna, CEO, Tata Power Renewable Energy said, “We are pleased to announce the formation of our new SPV to build a 100 MW solar power plant for Viraj Profile Private Limited. We believe this will also inspire other energy sectors. Join the sustainable energy movement and shift operations and services to clean energy sources.
TRPEL is one of India’s largest renewable energy companies. The company has been India’s No. 1 Solar Rooftop EPC player for the past eight years.
Tata Power’s arm has a portfolio of over 9.7 GW of ground-based solar projects and over 1.2 GW + MW of rooftop and distributed generation projects across the country till date.
On the BSE, Tata Power shares closed at ₹244.90 down 0.83%. The company has a market value of ₹78,253.87 billion.
Tata Power is also one of the largest solar manufacturers in India; It operates a world-class manufacturing unit in Bangalore, with a capacity of 1,100 MW of modules and cells.
The company recently signed a memorandum of understanding with the Tamil Nadu government to set up a 4 GW and 4 GW solar cell manufacturing plant in Tirunelveli.
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