Tata electricity Renewable Energy Ltd obtained a letter of award (LOA) to set up 966 MW RTC (round-the-clock) hybrid renewable electricity for Tata Steel through its subsidiary TP Vardhaman Surya Limited. The business stated in a regulatory filing that this was one of the largest industrial RTC power PPAs under Group Captive in the nation.

The project can generate 587 MW of wind power and 379 MW of hybrid renewable energy. Tata Power Ltd. shares increased more than 1% to Rs 220.60 on the BSE.We are happy to collaborate with Tata Power Renewable Energy Limited to secure a sizable amount of our energy needs from renewable sources. According to T. V. Narendran, CEO & MD of Tata Steel, this agreement is in line with our sustainability vision and will help us reduce the carbon emissions linked to our operations.

"We believe that renewable energy is the future, and this partnership enables us to take one of the steps towards achieving our target of net zero by 2045," he continued.  Tata Power and Tata Steel are dedicated to working together to develop green energy solutions, according to Dr Praveer Sinha, CEO & MD of Tata Power. A key step has been taken in our joint efforts to hasten the adoption of clean and green energy in order to reach the net zero aim with the 966 MW RTC (Round-the-clock) hybrid renewable power project.

Tata Steel is one of the most geographically varied steel companies in the world, with an annual capacity for crude steel of 35 million tonnes. This project will save 23,89,160 tonnes of CO2 emissions yearly and meet a sizable portion of Tata Steel's green energy needs in India. Tata Steel will contribute 26% of the equity to the aforementioned project. According to the agreement, the project would be put into operation by June 1, 2025, the business said.