Tata Power Renewable Energy arm to set up 966 MW project for Tata Steel

We believe that renewable energy is the future, said T. V. Narendran, CEO & MD, Tata Steel

Tata Power Renewable Energy Ltd through its subsidiary TP Vardhaman Surya Limited, on Thursday, received letter of award (LOA) to set up 966 MW RTC (round-the-clock) hybrid renewable power for Tata Steel.

In a regulatory filing, the company said, “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.”

Shares of Tata Power Ltd, on Thursday, rose over 1 per cent at Rs 220.60 on BSE.

“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,” said T. V. Narendran, CEO & MD, Tata Steel.

“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," he added.  

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”.

Tata Steel, with an annual crude steel capacity of 35 million tonnes per annum, 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 tonnes of CO2 emissions annually.

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