Tata Steel has completed negotiations for a definitive deal involving the purchase of a 26% stake in a company developing a 966-MW hybrid renewable complex to power its operations in India.
This arrangement entails Tata Steel acquiring a share in TP Vardhaman Surya Ltd, a subsidiary of Tata Power Renewable Energy Ltd. The exact value of the acquisition remains undisclosed.
TP Vardhaman Surya is overseeing a project that will include 379 MW of solar and 587 MW of wind power capacity. This complex, introduced earlier this year, will deliver 379 MW of renewable power to Tata Steel, forming one of the largest industrial round-the-clock power purchase agreements (PPAs) under the group captive regime in India.
The green power generated will enable Tata Steel to replace its current coal-based power generation at facilities in Jamshedpur, Jharkhand, Kalinganagar in Odisha, and Ludhiana in Punjab.