Tata Power’s subsidiary, Tata Power Renewable Energy Limited (TPREL), announced that it will set up a 100 MW captive solar power plant for Viraj Profile. Viraj Profile is a leading stainless steel manufacturer in India.
In a captive solar plant, the generated power is consumed by the developing company itself, and not sold to a third party.
The plant will be developed in Maharashtra, in the town of Nandgaon, at Tata Power’s Nasik site. Moreover, the solar plant will power Viraj Profile’s Tarapur plant in the same town. Tata Powers will own 74% of the generation, while the stainless-steel company will own the remaining 26%.
“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 percent of our monthly electricity requirement“, said Mr. J P Garg, President, Viraj Profiles.
According to the statement made by TPREL, the plant will generate 200 million units of energy and offset about 170.43 million Kg of CO2 annually.
TPREL has further announced that they have developed a Special Purpose Vehicle (SPV), called, TP Nanded Limited for the construction, operation, and maintenance of the captive solar plant.
The massive project is expected to be commissioned by 2023.
As per the CEO of TPREL, Mr. Ashish Khanna, the organization is striving to build ‘green and renewable energy solutions across India. This project marks just another step in that direction.
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Resource: The Economic Times