Tata Power, Tata Steel join hand to set up Solar grid project

Tata Power, Tata Steel join hand to set up Solar grid project

Tata Power Co and Tata Steel – the two Tata Group companies – will collaborate to set up 41 Mega Watt grid connected solar projects in Jharkhand and Odisha.
The two firms have signed a Power Purchase Agreement (PPA) for a period of 25 years to set up the project.
The solar project will be a combination of rooftop, floating and ground mounted solar panels.
Tata Power will develop Photo Voltaic capacities for Tata Steel at Jamshedpur and Kalinganagar.
The ground mounted PV will be installed at Sonari Airport, Jamshedpur. Kalinganagar will have 9.12 MWp rooftop PV capacities, and floating PV will constitute 10.10 MWp.
The project is expected to save 45,210 tonnes of carbon dioxide per year and 10,57,021 tonnes during its lifetime of 25 years.

Meanwhile, on Thursday, Tata Power reported 36% jump in consolidated net profit at Rs 506 crore for September quarter 2021-22 on the back of higher revenues.
The net profit of the company in the quarter ended September 30, 2020 was Rs 371 crore.
Total income stood at Rs 10,187.33 crore in the quarter as against Rs 8,441.60 crore in the same period a year ago.
This is mainly due to expanded operations in Odisha DISCOMs, higher project execution in Solar EPC Business and strong business performance by all other businesses.
Tata Power aims to scale up renewable business towards its 2030 target. Clean energy currently makes up 32% of Tata Power & portfolio which is expected to touch 80% by 2030.

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