Tata Power Renewable Energy Ltd (TPREL) has signed an agreement worth Rs 105 crore with Tata Communications to set up a 18.75 MW captive solar plant in Maharashtra.
"The project is facilitated through a special purpose vehicle (SPV), Nivade Windfarm Ltd has acquired an estimated order value of Rs 105 crore. Located in Aachegaon, Maharashtra, the plant is projected to generate approximately 40 million units (MUs) of power while offsetting more than 30,000 tonne of CO2 emissions annually", Tata Power said in a statement.
"While the decision to 'go green' demonstrates feasibility and immense benefits of sustainable energy practices, it also reflects the broader efforts within the sector to reduce environmental impact and champion a more sustainable and responsible business ecosystem," it added.
"We partner with Tata Communications to support their transition to renewable energy and duly enable their progress in the digital ecosystem arena for being a market leader in Commtech space. Our customised green energy solutions such as group captive solar will not only reduce operating costs but also increase energy efficiency," TPREL CEO and MD Deepesh Nanda said.
TPREL, an arm of Tata Power, has achieved a milestone by surpassing a capacity of over 1.5 gigawatts (GW) in group captive projects.
The Power Purchase Agreements (PPAs) span a diverse range of industries, including steel, polystyrene, mining, iron casting, manufacturing, hospitality, automotive, among others.
Tata Power's stock was last seen trading 0.99 per cent higher at Rs 368.60.
The company recorded a 2.28 per cent rise in its third-quarter (Q3 FY24) consolidated net profit on a year-on-year (YoY) basis. The company's profit in December 2023 came at Rs 1,076.12 crore as against Rs 1,052.14 crore in the year-ago period.
Tata Power expenses also rose proportionately to Rs 14,254.11 crore in October-December 2023 quarter from Rs 13,745.89 crore in Q3 FY23.
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