The project is anticipated to generate 59 million units of electricity annually
Tata Power Renewable Energy Limited (TPREL) will set up a 26-MW captive solar plant at Ahmednagar in Maharashtra.
In this regard, the company said it has already signed a power delivery agreement (PDA) with Neosym Industry Limited (Neosym) which is a leading Gray & S.G. iron casting, manufacturing company.
The PDA is for 26-MW AC group captive solar plant, the Tata Power arm said.
The project is anticipated to generate 59 million units of electricity annually. It is expected to start from March 2024 and reduce 32,500 tonnes of CO2 emissions annually.
Ashish Khanna, CEO, Tata Power Renewable Energy Limited, 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 project is a step towards enhancing renewable energy capacity and reducing carbon emissions in the country."
The latest order follows a 28.12-megawatt green energy plant for Sanyo Special Steel Manufacturing India Private Limited (SSMI) and a 6-MW captive solar plant for Chalet Hotels in Maharashtra.
The company did not provide any financial details of the project.
As per industry estimates, to set up 1 MW of solar energy capacity, a capital of Rs 5-6 crore is needed.
The total renewables capacity of TPREL reaches 7,821 MW, including 3,689 MW projects under various stages of implementation. Its operational capacity is 4,132 MW, which includes 3,139 MW solar and 993 MW wind.