Tata Power Renewable Energy Limited (TPREL), a subsidiary of The Tata Power Company Limited, has signed a Power Delivery Agreement (PDA) with Neosym Industry Limited (Neosym), a leading manufacturer of Gray & S.G. Iron casting in India, for a 26 MW Group Captive Solar plant.
The project, situated in Jamkhed, Ahmednagar, Maharashtra, is anticipated to generate approximately 59 million units of electricity annually and is scheduled to commence operations in March 2024. Notably, this solar plant is expected to reduce approximately 32,500 tonnes of CO2 emissions annually, aligning closely with India’s commitment to combat climate change. It also highlights the shared dedication of TPREL and Neosym to environmental stewardship.
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.”
The Indian government is actively promoting group captive solar projects as part of its strategy to accelerate the adoption of renewable energy sources. Group Captive projects are particularly attractive as they require limited investment and pose lower risks. Additionally, incentives, subsidies, and mandates such as Renewable Purchase Obligations (RPOs) are encouraging businesses and communities to invest more in sustainable energy initiatives.
TPREL is actively supporting numerous C&I consumers across various industrial sectors, including Steel, Automotive, Polymer, Hospitality, Retail, and Realty, in harnessing the potential of renewable energy for their sustainable operations.
Currently, TPREL boasts a total renewables capacity of 7,821 MW, which includes 3,689 MW in projects at various stages of implementation. The company’s operational capacity stands at 4,132 MW, comprising 3,139 MW of solar and 993 MW of wind energy.
Tata Power Renewable Energy’s partnership with Neosym represents a significant stride toward a greener and more sustainable energy landscape in India, aligning with the country’s climate goals and emphasizing the pivotal role of renewable energy in the industrial sector.