Tata Power Renewable Energy And Neosym Join Hands For 26 MW Solar Plant
A Power Delivery Agreement (PDA) for a 26 MW Group Captive Solar facility has been signed by Tata Power Renewable Energy Ltd (TPREL), a division of The Tata Power Company Limited, and Neosym Industrial Limited (Neosym), a significant producer of Gray & S.G. Iron casting in India.
The project, located in Jamkhed, Ahmednagar, Maharashtra, is planned to start operations in March 2024 and is expected to produce about 59 million units of power annually. Moreover, this solar power facility is projected to cut annual CO2 emissions by about 32,500 tonnes, which aligns with India’s commitment to fighting global warming. It also emphasizes the joint commitment to environmental stewardship between TPREL and Neosym.
Mr. Ashish Khanna, CEO of Tata Power Renewable Energy Limited, expressed the significance of this partnership, stating, “This collaboration with Neosym represents a significant milestone in our ongoing efforts to provide clean and sustainable energy solutions to our Commercial and Industrial (C&I) consumers. The Jamkhed project is a stride towards augmenting renewable energy capacity and curbing carbon emissions in the country.”
Mr. Vinay Mohta, GM Commercial at Neosym Industry Ltd, echoed the sentiment, saying, “Our partnership with Tata Power Renewable Energy Limited marks a groundbreaking association in our unwavering journey toward clean and sustainable energy solutions. Our project stands as a testament to our commitment to reduce our carbon footprint and actively contribute to India’s green energy revolution.”
As part of its plan to hasten the adoption of renewable energy sources, the Indian government is actively supporting captive captive captive group captive solar projects.
Projects involving group captives are particularly appealing because they require little capital and carry fewer risks.
Moreover, financial rewards, financial assistance, and legal requirements like Renewable Purchase Obligations (RPOs) are enticing businesses and communities to invest more in green energy projects.
The collaboration between Tata Power Renewable Energy and Neosym emphasizes the crucial role that renewable energy plays in the industrial sector and represents a key step toward a greener and more sustainable energy landscape in India.
TPREL is actively assisting many C&I customers from a variety of industrial sectors, such as steel, automotive, polymer, hospitality, retail, and real estate, in maximizing the potential of renewable energy for their environmentally friendly operations.
TPREL currently claims a 7,821 MW overall renewable energy capacity, including 3,689 MW in projects that are in various phases of execution. The company has a 4,132 MW operational capacity, which is made up of 993 MW of wind energy and 3,139 MW of solar energy.