Chalet Hotels Limited and Tata Power Renewable Energy Ltd Partner for a Sustainable Future

Chalet Hotels Limited, a prominent player in the hospitality industry, is excited to announce one more significant step towards a greener and more sustainable future. Today, the company partnered with Tata Power Renewable Energy Limited (TPREL), subsidiary of Tata Power, one of India's largest integrated power companies, for pioneering a Group Captive Project.

Tata Power Renewable Energy Limited has committed to generate 13.75 million units of clean energy from renewable sources through this collaboration. This project aims to significantly reduce carbon emissions by ~9762 tonnes annually (CO2 Baseline Database for the Indian Power sector guideline), fostering a more sustainable and environmentally friendly future for its valued hospitality industry clients.

This alliance, established through a special purpose vehicle named TP Agastaya Limited, marks a milestone in the renewable energy landscape. TP Agastaya Limited is a subsidiary of Tata Power Renewable Energy Limited and brings together TPREL's expertise in renewable power generation and Chalet Hotels Limited's dedication to environmental responsibility.

In accordance with the provisions of the Electricity Act, 2003, and the Electricity Rules, 2005, Chalet Hotels Limited has acquired a 26% equity shareholding in TP Agastaya Limited. This collaborative effort between Chalet Hotels Limited and TPREL exemplifies a shared commitment to environmental stewardship and renewable energy adoption. The Power Delivery Agreement solidifies their dedication to sustainable business practices and reduces their carbon footprint.

Speaking on the association, Mr. Ashish Khanna, CEO, Tata Power Renewable Energy Limited, expressed, "We are happy to join hands with Chalet Hotels Limited to generate renewable energy for its properties through 6 MW AC (8.75 MWp) Group Captive project. This association will make clean energy usage mainstream and also support the decarbonisation of the hospitality industry."

Speaking about this strategic partnership, Mr. Sanjay Sethi, MD & CEO at Chalet Hotels Limited, stated, "We are thrilled to partner with Tata Power Renewable Energy Limited on this significant initiative. This Power Delivery Agreement not only aligns with our sustainability goals but also supports India's transition towards cleaner energy sources. With this collaboration to explore 6 MW AC for a Group Captive project, we are delighted to brighten our greener energy horizon. It is a winwin for both the environment and our stakeholders."

This strategic alliance between Chalet Hotels Limited and Tata Power Renewable Energy Limited demonstrates the potential for synergy between the renewable energy sector and industries seeking to adopt sustainable practices. It serves as a compelling example of how businesses can work together to create a more environmentally conscious and responsible future.

Shares of Chalet Hotels Limited was last trading in BSE at Rs. 540.30 as compared to the previous close of Rs. 551.05. The total number of shares traded during the day was 7030 in over 751 trades.

The stock hit an intraday high of Rs. 551.65 and intraday low of 538.25. The net turnover during the day was Rs. 3813877.00.

Source : Equity Bulls

Keywords

ChaletHotels INE427F01016 TataPowerRenewableEnergy GroupCaptiveProject