India’s Tata Power Renewable Energy Limited (TPREL), the country’s largest integrated renewable energy producer, will set up a 100 MW solar power plant for stainless steel producer Viraj Profile Private Limited, a TREPL statement said on Friday, September 9.
It said that, once the project is commissioned in July 2023, it will halve Viraj Profile's dependence on non-renewable power resources. The construction, operation, and maintenance of this captive solar power plant will be done by TP Nanded Ltd., a Special Purpose Vehicle (SPV) created for the same.
Tata Power will own 74 percent of the generation, while Viraj Profile will own the remaining portion as per the captive rules. The power generated in the plant will be used for captive consumption by Viraj Profile's unit in Tarapur in western Maharashtra.
Once the 100 MW solar plant is commissioned, both companies will consider a project to ramp up generation capacity in the next phase.