Tata Power Company Ltd shares gained 2% on Wednesday after the company announced that its renewable energy arm has signed an agreement worth ₹105 crore with Tata Communications for setting up an AC group captive solar plant of 18.75 Mega Watt (MW) capacity.
In a filing to the stock exchanges,
Tata Power said that its subsidiary, one of the largest integrated power companies in India, Tata Power Renewable Energy Ltd (TPREL) has signed a power delivery agreement with Tata Communications.
The said solar plant project has been facilitated through a special purpose vehicle (SPV), Nivade Windfarm Ltd, which has acquired an estimated order worth ₹105 crore. The
solar plant is located in the Aachegaon village of
Maharashtra and is expected to generate nearly 40 MUs of power. The plant is also expected to offset over 30,000 tonnes of carbon dioxide emissions in a year.
Tata Communications reaffirms its commitment to environmental responsibility, along with adopting eco-friendly energy alternatives, by bringing into account renewable energy sources in its energy consumption mix, the company said.
“Our customised green energy solutions such as Group Captive Solar will not only reduce operating costs but also increase energy efficiency, thus paving the way for a sustainable and future-ready sector,” said the CEO and Managing Director of Tata Power Renewable Energy Ltd, Deepesh Nanda.
According to Manoj Tripathy, Vice President of Corporate Services at Tata Communications, the initiative with TPREL sets a formidable example for the transition towards a greener future. “It is a resolute pledge towards fostering a cleaner, more sustainable path for the future of commtech,” he added.
Shares of Tata Power ended 2.5% higher at ₹374.10 per piece on NSE.
(Edited by : Ajay Vaishnav)
