Tata Power unit to set up 100 MW solar plant for Viraj Profile

Tata Power Renewable Energy, a subsidiary of Tata Power has partnered with stainless steel maker Viraj Profile to set up a 100 MW captive solar plant.

The plant will be developed by the Tata-group company at Nandgaon at its Nasik site and the power generated will be used for captive consumption by Viraj Profile's Tarapur Plant

With the commissioning of this plant, Viraj Profile's dependability on non-renewable power resources will be reduced by approximately 50%. The plant is expected to generate about 200 million units of energy and offset approximately 170.43 million kg of CO2 annually. Tata Power will own 74% of the generation while Viraj Profile will hold the remaining 26%. The project will get commissioned by July 2023.

Ashish Khanna, CEO of Tata Power Renewable Energy said, "We are pleased to announce the establishment of our new SPV to construct a 100 MW solar power facility for Viraj Profile. We believe that this will also inspire other energyintensive sectors to join the movement for sustainable energy and shift their operations and services to clean energy sources. This project is another step in TPREL's ongoing efforts to build green and renewable energy solutions throughout India."

J P Garg, president at Viraj Profiles said, "Our alliance will work as a catalyst in achieving our sustainability goals toward carbon neutrality. Viraj is one of the first stainless steel long products manufacturing companies in India, which will use solar energy to run its manufacturing plants and operations. This solar power project will supply 50% of our monthly electricity requirement.The company aims to fulfil its energy requirement completely through green energy in the next three years. In the first phase, Viraj will get around 100 MW of electricity, and the capacity shall increase over the next couple of years."

Tata Power is one of India's largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed/managed capacity of 13,749 MW. The company has a presence across the entire power value chain - generation via renewables as well as conventional power including hydro and thermal energy; transmission & distribution, coal & freight, logistics, and trading.

The company's net profit jumped 90% to Rs 884 crore on 43% increase in net sales to Rs 14,495.48 crore in Q1 FY23 over Q1 FY22.

Shares of Tata Power Company declined 0.81% to close at Rs 244.95 on the BSE.

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