Mumbai: Tata Steel Limited (‘TSL’) Thursday announced that it has concluded negotiations to enter into definitive agreements with TPREL and TP Vardhaman Surya Ltd. (‘TPVSL’) to acquire 26% in TPVSL, currently a wholly owned subsidiary of TPREL. TSL will also execute a fixed-tariff long-term agreement with TPVSL to source 379 MW of captive renewable power, which will save 50 million tons of carbon emissions over the contract period of 25 years.

TPVSL will set up a ~966 MW solar-wind hybrid renewable power facility which would make it one of the biggest industrial power projects under group captive segment in the country. This arrangement will replace a part of the existing coal-based power generation at Tata Steel Jamshedpur and cater to the requirements at Tata Steel Kalinganagar and the Electric Arc Furnace project at Ludhiana, Punjab.

Tata Steel chief executive officer and managing director T.V. Narendran said: “Our partnership with Tata Power Renewable Energy marks a pivotal step in Tata Steel’s sustainability journey towards achieving Net Zero carbon emissions by 2045. We stay committed to reducing our environment footprint and transitioning towards clean, green energy solutions, thus enabling a better tomorrow.”

Tata Power CEO & MD Dr. Praveer SinhaTata Power said: “Tata Power is happy to develop this round-the-clock hybrid renewable power plant for Tata Steel. It is one of the largest industrial group captive plants in the country and will contribute towards meeting their clean energy goals by significantly reducing the carbon emissions.”