Tata Power arm inks MoU with NPHC-REL to install rooftop solar across govt building

Tata Power Renewable Energy (TPREL) has signed memorandum of understanding (MoU) with NHPC Renewable Energy (NHPC-REL) for installation of rooftop solar projects (RTS Projects) across government buildings.

Tata Power Reneweable Energy is a wholly owned subsidiary of Tata Power Company.

The rooftop solar project will install in central ministries, states, and union territories government buildings. This initiative, under the ambitious PM Surya Ghar Yojna Scheme, aims for 100% solarisation of government-owned buildings by December 2025.

The company stated that this powerful alliance is set to support the transformation of India's energy landscape by harnessing the untapped potential of rooftop spaces on government buildings, fostering a cleaner and greener future.

The ministry of new and renewable energy (MNRE) has appointed NHPC as a scheme implementing partner (SIP) to drive the RTS Projects, which will be carried out by its wholly owned subsidiary, NHPC-REL. TPREL, a distinguished leader in the solar energy sector, brings extensive expertise to ensure the seamless and timely execution of these projects.

Deepesh Nanda, CEO & MD of Tata Power Renewable Energy, commented, "We are excited to join hands with NHPC-REL in this significant venture to solarize government buildings across India. This collaboration represents a major step forward in our shared vision of a sustainable and green energy future. By leveraging our combined strengths, we are confident in achieving our goal of 100% solarisation by 2025, setting a benchmark for renewable energy projects in the country."

R. P. Goyal, chief managing director, NHPC, added, "Partnering with Tata Power Renewables aligns perfectly with our mission to expand the use of renewable energy in India. This initiative will not only help us meet our solarisation targets but also contribute significantly to reducing the carbon footprint of government buildings. We look forward to a successful collaboration that paves the way for more sustainable energy solutions."

Tata Power Company (TPCL) is an integrated power utility company and one of the major companies of the Tata group. The company is into power generation, transmission, distribution and trading and fuel and logistics.

The company's consolidated net profit increased 11% to Rs 1,046 crore in Q4 FY24 as compared with Rs 939 crore in Q4 FY23. Revenue from operations jumped 27.24% to Rs 15,846 crore during the quarter as compared with Rs 12,453.76 crore in the corresponding quarter last year.

The scrip declined 1.33% to currently trade at Rs 431.10 on the BSE.

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