Tata Power RE to set up 100 MW Solar Power project for Viraj Profile

9 Sep 2022 , 09:20 AM

Tata Power Company Limited informed that its subsidiary Tata Power Renewable Energy Limited (TPREL), one of India’s major integrated renewable energy firms, has partnered with Viraj Profile Private Limited, India’s premier stainless-steel producer, to establish a 100 MW captive solar project.

Tata Power RE will develop the facility at Nandgaon at its Nasik site to power up Viraj Profile’s Tarapur Plant.

Viraj will be one of the first Stainless Steel Long Products manufacturing firms in India to use Solar Energy to power its factory. Viraj Profile’s reliance on non-renewable energy supplies will be decreased by around 50% with the activation of this facility. The project will be completed by July 2023.

TPREL has established a special purpose vehicle (SPV) called TP Nanded Limited, which will construct, operate, and maintain this captive solar power facility.

The project is planned to produce roughly 200 MUs of electricity and offsets approximately 170.43 million Kg of CO2 per year. Tata Power would hold 74% of the captive power plant under captive generation laws.

The remaining 26% will be owned by Viraj Profile. It will use the produced electricity for captive consumption by the company’s Tarapur Plant.

For the past eight years, TPREL has been India’s No. 1 Solar Rooftop EPC player. To date, it has more than 9.7 GW of ground-mount utility-scale solar projects and more than 1.2 GW + MW of rooftop and distributed power plants around the country.

At around 9.22 AM, Tata Power was trading at Rs245.45 up by 0.22% from its previous closing of Rs244.90 on the BSE. The scrip opened at Rs246.05.

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