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TPREL will develop the captive solar plant at Nandgaon in Nashik.
According to captive generation rules, TPREL will own 74% of the generation, while Viraj Profile will own the remaining 26%. TPREL has created a special purpose vehicle (SPV), TP Nanded Limited, to undertake the captive solar power plant’s construction, operation, and maintenance.
The company said Viraj Profile would become the first Indian stainless steel long products manufacturing company to use solar energy to operationalize its production unit.
The project is scheduled for commissioning by July 2023.
The 100 MW solar project is expected to generate about 200 million units of energy and offset approximately 170.43 million kg of CO2 annually. Viraj Profile will also reduce its dependability on non-renewable power resources by approximately 50%.
Viraj Profile’s President J P Garg said, “We are glad to partner with Tata Power. Our alliance will work as a catalyst in achieving our sustainability goals toward carbon neutrality. Viraj is one of the first stainless steel long products manufacturing companies in India, which will use solar energy to run its manufacturing plants and operations. This solar power project will supply 50% of our monthly electricity requirement.”
TPREL’s CEO Ashish Khanna observed, “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.”
Many commercial and industrial entities (C&I) have increasingly opted for renewable energy to save electricity expenses. Solar tariffs are lower than conventional energy tariffs in many states.
According to Mercom India Solar Open Access Market Report Q2 2022, India added 1.3 GW of new open access solar capacity in the first half (1H) of the calendar year (CY) 2022, registering a growth of 97% compared to 638 MW installed in 1H 2021. This is the second-highest installation figure for the six months of any year to date. Increased focus on renewable purchase obligation compliance and renewable energy goals set by C&I consumers were the main factors driving the growth of solar open access during the quarter.
Mercom India hosted a Solar Summit 2022 recently with a session dedicated to the C&I segment titled “Commercial and Industrial Sector Going Solar – Potential Market, Policies, and Business Models.”
Mercom is hosting a series of C&I Clean Energy Meets in Coimbatore, Chennai, Ahmedabad and Noida. These events will bring clean energy solutions providers and consumers together to discuss power requirements, cost benefits, challenges, opportunities, and solutions.