Titagarh Wagons partners with Fourth Partner Energy to procure 4.8MW of solar power; stock skyrockets 9%

4.8MW solar power will be procured for Titagarh's wagon and steel foundries and its state of the art passenger coach and propulsion unit at Uttarpara.

Sep 10, 2020 02:09 IST India Infoline News Service

Titagarh Wagons rallies
Titagarh Wagons, the country's largest private-sector manufacturer of passenger and freight trains, on Thursday, signed a power purchase agreement with Fourth Partner Energy to procure 4.8 MW of solar power.

4.8MW solar power will be procured for Titagarh's wagon and steel foundries and its state of the art passenger coach and propulsion unit at Uttarpara, to effectively replace approximately 25% of its current annual electricity demand with clean energy.

Prithish Chowdhary, Vice President at Titagarh said, “Reducing Carbon emissions and switching to green energy is no longer an option but a global imperative.  At Titagarh, we want to do our part to ensure our production facilities become more environment friendly. " Adding he said, "Titagarh has been conscious of innovative initiatives in its operations and the Power Purchase Agreement executed with the Fourth Partner is another step towards building a sustainable clean energy solution."

Chowdhary added, "We expect to see substantial saving in our annual power costs through the use of solar energy. After successful implementation of this project, we plan to also evaluate adding on more solar power capacity in these as well as other units to increase the percentage of clean energy used in our plants."

Meanwhile, Karan Chadha, Head, Business Development at Fourth Partner Energy, added “corporate India plays a pivotal role in energy transition and it is encouraging to see companies like Titagarh lead the change – through these 3 installations spread over 48,000 sq.m of available roof space, Titagarh will offset over 1.3 lakh tons of carbon over the next 2 decades apart from saving costs on every unit of power procured. Our aim is to enable businesses to similarly achieve their low-carbon goals in a cost-effective manner."

Titagarh expects all three power plants to be commissioned by January 2021.

At around 2.52 pm, Titagarh Wagon stock was trading at Rs44.80 per piece surging by 6.29% on Sensex. So far on the index, the stock has jumped by over 9% with an intraday high of Rs46 per piece. 

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