Tata Power Renewable Energy Ltd (TPREL) will set up a 966 MW solar-wind hybrid plant for round-the-clock renewable power supply to Tata Steel’s Jamshedpur, Kalinganagar, and Electric Arc Furnace project at Ludhiana, Punjab.
Tata Steel Ltd has concluded negotiations to enter into definitive agreements with TPREL and TP Vardhaman Surya Ltd. (TPVSL) to acquire 26% in TPVSL, currently a wholly owned subsidiary of TPREL. It will also execute a fixed-tariff long-term agreement with TPVSL to source 379 MW of renewable power from the hybrid power plant, which will save 50 million tons of carbon emissions over the contract period of 25 years.
Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 35 million tonnes per annum. The group recorded a consolidated turnover of $30.3 billion in the financial year ending March 31, 2023. Tata Steel’s partnership with Tata Power Renewable Energy marks a pivotal step in Tata Steel’s sustainability journey towards achieving Net Zero carbon emissions by 2045.
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