Tata Power Renewable Energy subsidiary receives LOA to set up 966 MW Round-the-clock Hybrid Renewable Power Project for Tata Steel

Tata Power Renewable Energy Limited through its subsidiary TP Vardhaman Surya Limited received Letter of Award 'LOA' to set up 966 MW RTC (Round-theclock) hybrid renewable power for Tata Steel. This is one of the biggest industrial RTC power PPAs under Group Captive segment in the country. The project has the hybrid renewable capacity of 379 MW solar and 587 MW wind power.

Tata Steel, with an annual crude steel capacity of 35 million tonnes per annum (MnTPA), is one of the world's most geographically diversified steel producers. This project will fulfil a significant part of Tata Steel's green energy requirements in India, saving 23,89,160 ton of CO2 emissions annually.

Tata Steel, will invest 26% equity in the said project. The project will be commissioned by 1st June 2025 as per the arrangement.

Dr. Praveer Sinha, CEO & MD, Tata Power said, "Tata Power and Tata Steel are committed to jointly develop green energy solutions. The 966 MW RTC (Round-the-clock) hybrid renewable power project marks a significant step towards our combined efforts to accelerate the adoption of clean and green energy to meet the net zero target".

Mr. T. V. Narendran, CEO & MD, Tata Steel, added, "We are pleased to partner with Tata Power Renewable Energy Limited to secure a significant portion of our power requirements from renewable sources. This agreement aligns with our sustainability vision and will contribute to the reduction of carbon emissions associated with our operations. We believe that renewable energy is the future, and this partnership enables us to take one of the steps towards achieving our target of net zero by 2045."

With this win, the total renewables capacity of TPREL reaches 7,756 MW with an installed capacity of 4,059 MW (Solar - 3,107 MW & Wind - 952 MW) and 3,697 MW under various stages of implementation.

Shares of Tata Power Company Limited was last trading in BSE at Rs. 220.60 as compared to the previous close of Rs. 218.40. The total number of shares traded during the day was 1225065 in over 14386 trades.

The stock hit an intraday high of Rs. 226.15 and intraday low of 218.40. The net turnover during the day was Rs. 273116184.00.

Source : Equity Bulls

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