According to the captive generation rules, Tata Power will own 74% of the generation, while Viraj Profile will own the remaining 26%.
Meanwhile, the power generated will be used for captive consumption by Viraj Profile's Tarapur Plant.
Through this, Viraj will become one of the first Stainless Steel Long Products manufacturing companies in India to use Solar Energy to run its manufacturing plant. Further, Viraj Profile's dependability on non-renewable power resources will be reduced by approximately 50%.
In its regulatory filing, Tata Power highlighted that the plant is expected to generate about 200 MUs of energy and offset approximately 170.43 million Kg of CO2 annually.
Ashish Khanna, CEO, of Tata Power Renewable Energy said, "We are pleased to announce the establishment of our new SPV to construct a 100 MW solar power facility for Viraj Profile Private Limited. We believe that this will also inspire other energy-intensive sectors to join the movement for sustainable energy and shift their operations and services to clean energy sources. This project is another step in TPREL’s ongoing efforts to build green and renewable energy solutions throughout India."
TRPEL is one of India's largest integrated renewable energy companies. The company has been India's No. 1 Solar Rooftop EPC player for the last eight years.
Tata Power's arm has a portfolio of more than 9.7 GW of ground-mount utility-scale solar projects and over 1.2 GW + MW of rooftop and distributed generation projects across the country to date.
On BSE, Tata Power shares closed at ₹244.90 apiece down by 0.83%. The company has a market valuation of ₹78,253.87 crore.
Tata Power is also one of the largest solar manufacturers in India; it operates a world-class manufacturing unit in Bangalore, with a production capacity of 1,100 MW of modules and cells.
Recently, the company signed an MoU with the Tamil Nadu government to set up a 4 GW solar cell and 4 GW solar module manufacturing plant in the Tirunelveli District.
