Tata Power, Tata Communications Join Forces For ₹105 Cr Solar Plant

Tata Power Renewable Energy Limited has signed a power delivery agreement with Tata Communications. The deal, worth ₹105 crore, is aimed at establishing an 18.75 MW AC group captive solar plant.

What Happened: The news was announced on Thursday, February 14, 2024. The solar power plant, to be set up via a special purpose vehicle (SPV) — Nivade Windfarm Limited — will be situated in Aachegaon, Maharashtra. The plant is projected to generate approximately 40 million units (MUs) of power and offset over 30,000 tonnes of CO2 emissions every year.

Deepesh Nanda, CEO and managing director of Tata Power Renewable Energy Limited, expressed his pleasure at partnering with Tata Communications. He said, “We are pleased to partner with Tata Communications to support their transition to renewable energy and duly enable their progress in the digital ecosystem arena for being a market leader in the Commtech space.”

See Also: Eicher Motors Q3 Results Beat Street Expectations, But Analysts See Future Pain For Stock

This initiative is part of TPREL’s strategic focus on group captive projects to contribute to India’s target of achieving net-zero carbon emissions by 2070. The company has recently surpassed a capacity of over 1.5 gigawatts (GW) in group captive projects, marking a significant milestone.

Why It Matters: This announcement comes just days after Tata Power’s shares experienced a slump following the company’s Q3 results. Despite a 2.28% increase in its consolidated net profit for the December quarter. The company’s revenue from operations witnessed a growth of 3.69%, reaching ₹14,651 crore. However, the market reaction suggests that investors had higher expectations.

Read Next: Railway Stock Surges 6% After Announcing Strategic Partnership

Engineered by Benzinga Neuro, Edited by Utkarsh Roshan

The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.

Market News and Data brought to you by Benzinga APIs

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: TechTata CommunicationsTata GroupTata Power