Tata Power Renewable Energy Limited (TPREL) and Sanyo Special Steel Manufacturing India Private Limited (SSMI) have teamed up to build a 28.12-megawatt green energy plant in Maharashtra.
TPREL, a Tata Power subsidiary, said in a statement on Thursday that it has signed the Power Delivery Agreement (PDA) with SSMI through its Special Purpose Vehicle (SPV) TP Alpha Limited.
“TPREL joins hands with SSMI for setting up of 28.125 MW AC (39.375 MWp) captive solar plant in Aachegaon under district Solapur, Maharashtra”, the statement reads.
The facility is planned to generate 61.875 million units (MUs) of electricity per year, which will cover the energy needs of the SSMI’s steel manufacturing unit. It will also help SSMI to cut its carbon footprint by 42,534 tonnes per year.
According to the agreement, the project will be completed by March 2024.
This initiative corresponds with SSMI’s long-term strategy toward climate change plan by reducing reliance on fossil fuel-based energy, lowering the carbon footprint, and manufacturing green steel.
“These initiatives yield advantages like cost reduction, lower emissions, enhanced energy security, and alignment with sustainability targets”, said Ashish Khanna, CEO of Tata Power Renewable Energy Limited.
The government’s prioritizing of captive power projects, motivated by their economic and environmental benefits, emphasizes their importance for a variety of businesses.
Managing Director of Sanyo Special Steel Manufacturing India Pvt Ltd, Dilipkumar Pachpande stated, “This collaboration perfectly describes our commitment towards clean and green energy solutions, which not only aligns with our goals towards climate change and sustainable development but also significantly benefits the steel manufacturing unit by reducing CO2 emissions and costs, enhancing sustainability, and contributing to carbon neutral goals by producing green steel”.
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