: Jharkhand, Odisha to get 41MW grid connected solar project #FinanceIndia #StockMarketNEWS #Business Tata Steel collaborates with Tata Power, (PPA) signed for duration of 25 years Ranchi: Tata Steel

@StockMarketNEWS Mon 01 Nov, 2021

Posted in: #Business #FinanceIndia #StockMarketNEWS

Jharkhand, Odisha to get 41MW grid connected solar project #FinanceIndia #StockMarketNEWS #Business
Tata Steel collaborates with Tata Power, (PPA) signed for duration of 25 years

Ranchi: Tata Steel and Tata Power, the two flagship companies of the Tata Group, have come together to develop a grid-connected solar project in Jharkhand and Odisha.

The two companies have signed a Power Purchase Agreement (PPA) for a duration of 25 years to set up 41 MW solar project, which will be a combination of rooftop, floating and ground mounted solar panels, Tata Steel said in a statement.

Under the project, Tata Power will develop Photo Voltaic (PV) capacities for Tata Steel at Jamshedpur (21. 97MWp) and Kalinganagar (19. 22MWp).

Under this PPA, at Jamshedpur, Tata Power will develop rooftops PV with 7. 57 MWp capacity, while floating and ground mounted capacity would be 10. 80 MWp and 3. 6MWp, respectively, the company said, adding that 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 company said.

“The estimated energy generation through 41. 19MWp solar project is 6,02,80,095 kWh for the first year. During its lifetime (i. E. For 25 years), the total energy generation would be 1,40,93,61,488 kWh. The project will help save 45,210 tonnes of CO2 per year and 10,57,021 tonnes during its lifetime (25 years),??? the statement said. Tata Steel and Tata Power have constantly explored opportunities to exploit renewable energy sources, which is the best way of mitigating the impact of climate change, it said.

Today’s announcement is yet another milestone in the common quest of both the companies to become a sustainability driven enterprise, committed to exploring clean energy solutions, it added. In March 2021, the two companies had announced to develop a 15MW solar project at Jamshedpur. This project would generate an average of 32 MUs of energy per year. It will help in offsetting approximately average 25. 8 million Kg of CO2 annually. Earlier in 2017, Tata Power Solar had commissioned a 3MW Solar PV Power Plant in Tata Steel’s Iron Ore Mine at Noamundi. This was the first solar power plant of its kind at any iron ore mine in the country.

T V Narendran, CEO & MD, Tata Steel, said: “At Tata Steel, sustainability has always been a core principle that is embedded in its business philosophy and is backed by a long-term, holistic vision of achieving identified targets. We have taken several definitive steps across the value chain to reinforce our sustainability credentials. We will continue with our pursuit of clean energy solutions and expand our renewable energy footprint. ???

Praveer Sinha, CEO & MD, Tata Power, said: “We are glad to collaborate with Tata Steel to help them reduce their carbon footprint and reaffirm the Tata Group’s commitment towards the adoption of clean energy.