Tata Power subsidiary signs deal with BluSmart to supply green power

Tata Power Ltd announced on Wednesday that electric vehicle (EV) ride-hailing startup BluSmart has collaborated with the company for sourcing green power for its e-vehicle fleet.

In a stock exchange filing the Tata Group company said that its wholly-owned subsidiary Tata Power Trading Company Limited (TPTCL) has signed a multi-year Power Purchase Agreement (PPA) with India’s leading eMobility ride-hailing service provider and EV charging infrastructure network, BluSmart.

As per the agreement, Tata Power Trading Company will source a 30 MW capacity of energy from the company’s expansive Solar PV power plant of 200 MW capacity in the Bikaner district of Rajasthan, Tata Power informed the bourses.

Through the recently enacted Green Energy Open Access Rules, BluSmart will be able to completely eliminate Scope 2 emissions from its huge existing EV charging infrastructure of 1.4 million square feet, along with future charging hubs, through the PPA signed with TPTCL.

After the collaboration with Tata Power, BluSmart has emerged as the first mobility player in the country to have transitioned from zero tailpipe emissions to a zero-emissions firm. Besides, TPTCL is also uniquely positioned in the power trading industry with the Category-I Trading Licence enabling customers to optimise their energy costs and facilitate their sustainability goals, Tata Power said in a press release.

“BluSmart has already covered 0.4 billion electric kms since launch till date, and we are excited that the journey to 1 billion electric kms will now be powered by 100% renewable energy (RE),” said the Co-founder of BluSmart, Punit Goyal.

BluSmart has raised $200 million in funding, which includes equity and debt, till date. The leading global climate funds responsAbility recently invested $25 million in BluSmart. The company has also secured long-term and sustainable EV asset financing of $210 million, backed by leading development financial institutions.

BluSmart currently operates Southeast Asia’s largest vertically integrated EV ecosystem, managing a fleet of 6,000 BluSmart EVs, offering a 100% electric ride-hailing service and has already covered 0.4 billion electric kms since launch till date.

Shares of Tata Power were trading nearly a percent lower at ₹375.40 apiece on BSE at 2:51 PM.