The sale of power from the two 50 MW solar plants will go to the Solar Energy Corporation of India (SECI) under a 25-year Power Purchase Agreement, the company said in a statement released.
The project is part of the Ministry of New and Renewable Energy’s (MNRE’s) scheme for developing grid-connected solar power capacity under the Jawaharlal Nehru National Solar Mission (JNNSM) Phase II, Batch-III through Viability Gap Funding (VGF) mode.
“Tata Power is focused to constantly proliferate the group’s renewable energy portfolio and we plan to add around 1,000 MW renewable energy capacity to our portfolio every year, scaling it to 45-50% in the next five years, largely through organic growth,” said Praveer Sinha, CEO & Managing Director, Tata Power.
TPREL is Tata Power’s primary investment vehicle for clean and renewable energy-based power generation capacity. Its present operating capacity is 2,215 MW, comprising 931 MW wind and 1,284 MW solar capacity located in the states of Maharashtra, Gujarat, Madhya Pradesh, Andhra Pradesh, Telangana, Punjab, Bihar, Tamil Nadu, Karnataka and Rajasthan.
The company is also in the process of implementing 121 MW of renewable power projects at various locations on Greenfield basis.
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Dedicated arm on a specific mission is definite to yield results. Tata group realised the importance of renewable energy in the modern world and set up a dedicated company with distinct goals. So is the result. Congratulations.