Tata Power Renewable Energy, through its subsidiary TP Vardhaman Surya Ltd., received a contract to set up a 966 MW round-the-clock hybrid renewable power project for Tata Steel.
The project has a hybrid renewable capacity of 379 MW of solar and 587 MW of wind power, a company statement said.
Tata Steel, with an annual crude steel production capacity of 35 million metric tonnes per year, is one of the world's most geographically diversified steel producers.
This project will fulfil a significant part of Tata Steel's green energy requirements in India, saving 23,89,160 metric tonnes of CO2 emissions annually.
Tata Steel will invest 26% of its equity in the said project. The project will be commissioned by June 1, 2025, as per the arrangement.
Praveer Sinha, CEO and MD, Tata Power, said in the statement: "The 966 MW RTC (round the clock) hybrid renewable power project marks a significant step towards our combined efforts to accelerate the adoption of clean and green energy to meet the net zero target."
TV Narendran, CEO and MD, Tata Steel, added, "This agreement aligns with our sustainability vision and will contribute to the reduction of carbon emissions associated with our operations. We believe that renewable energy is the future, and this partnership enables us to take one of the steps towards achieving our target of net zero by 2045."
With this project, the total renewable energy capacity of Tata Power Renewable Energy reached 7,756 MW with an installed capacity of 4,059 MW (including 3,107 MW of solar and 952 MW of wind) as well as 3,697 MW under various stages of implementation.
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