Tata Power shares in news as arm signs PDA with Neosym Industry for 26 MW captive solar plant

Shares of Tata Power would be in focus on Tuesday morning after the Tata group firm post market hours of Monday said its subsidiary Tata Power Renewable Energy Limited (TPREL) signed a power delivery agreement (PDA) with Neosym Industry Limited (Neosym) for 26 MW AC Group Captive Solar plant. The project, located at Jamkhed, Ahmednagar in Maharashtra, with an anticipated electricity generation capacity of 59 million units annually, will start from March 2024, Tata Power informed BSE.

The plant is expected to reduce 32,500 tonnes of CO2 emissions annually. This substantial reduction in greenhouse gas emissions aligns with India's commitment to combat climate change, Tata Power said.

“This partnership with Neosym marks a significant milestone in our relentless pursuit of providing clean and sustainable energy solutions to our C&I consumers. The Jamkhed project is a step towards enhancing renewable energy capacity and reducing carbon emissions in the country,” said Ashish Khanna, CEO, TPREL.

With this, the total renewables capacity of TPREL stands at 7,821 MW including 3,689 MW projects under various stages of implementation. The company's operational capacity is 4,132 MW, which includes 3,139 MW solar and 993 MW wind.

Recently, TPREL inked a power delivery agreement (PDA) for a captive project for 6 MW AC with Chalet Hotels. It signed a PDA with Sanyo Special Steel Manufacturing India Private Limited for a captive solar plant with a capacity of 28.125 megawatts (AC).  The Tata Power arm also signed a group captive power delivery agreement (PDA) for 4.4 MW AC with the ANAND group. Under this agreement, TPREL will facilitate the generation of 10 million units of clean energy through renewable sources.

The government is actively promoting group captive solar projects as part of its strategy to boost renewable energy adoption. Incentives, subsidies, and mandates like Renewable Purchase Obligations (RPOs) encourage businesses and communities to invest more in the sustainable energy.

"TPREL is supporting several C&I consumers across the industrial spectrum viz Steel, Automotive, Polymer, Hospitality, Retail, Realty, et al to harness the power of renewable energy for sustainable operations," Tata power said.

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