Tata Power arm in deal with steel maker Sanyo to set up captive solar plant
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Tata Power Renewable Energy Ltd (TPREL) on Thursday said that it has signed a power delivery agreement with Sanyo Special Steel Manufacturing India Pvt Ltd (SSMI) to set up a captive solar plant in Maharashtra's Aachegaon.
"The plant located at Aachegaon, Maharashtra, is to generate 61.875 MUs (million units) of electricity in a year and would supply power to Sanyo Special Steel Manufacturing located within the state," the Tata Power arm said in a statement.
The project will likely be commissioned by March 2024.
"Our partnership with Sanyo Special Steel Manufacturing reflects our joint dedication to drive sustainable practices in the steel industry. These initiatives yield advantages like cost reduction, lower emissions, enhanced energy security, and alignment with sustainability targets," TPREL CEO Ashish Khanna said.
"The government's prioritisation of captive power projects, driven by their economic and environmental merits, highlights their significance for various industries," he added.
The project is in line with the objectives of the National Green Energy Policy, as it will help reduce SSMI's carbon footprint by 42,534 tonnes annually, said the company.
The company added that solar power will meet SSMI's green power requirements and contribute towards United Nations Sustainable Development Goals. The overall capacity of the Aachegaon facility is 120 MWp AC.
This project aligns with SSMI's long-term strategy towards climate change by reducing dependency on fossil fuel-based energy, lowering the carbon footprint, and manufacturing green steel.
"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," said Dilipkumar Pachpande, Managing Director of SSMI.
With this project's capacity addition, the total renewables capacity of TPREL will hit 7,815 MW, including 3,683 MW of projects under various stages of implementation. Currently, the company has an operational capacity of 4,132 MW, including 3,139 MW solar power and 993 MW wind energy.
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