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Kolkata, Oct 21: Tata Steel Limited (TSL) has successfully concluded negotiations for definitive agreements with Tata Power Renewable Energy Limited (TPREL) and TP Vardhaman Surya Limited (TPVSL) to acquire a 26% stake in TPVSL, currently a wholly-owned subsidiary of TPREL.

As part of the agreement, TSL will enter into a fixed-tariff long-term agreement with TPVSL, securing 379 MW of captive renewable power. This initiative is expected to reduce carbon emissions by 50 million tons over the 25-year contract period, as per a media statement.

TPVSL is set to establish a 966 MW solar-wind hybrid renewable power facility, making it one of the largest industrial power projects in the group captive segment in the country. The project aims to replace a portion of the existing coal-based power generation at Tata Steel Jamshedpur while meeting the energy needs of Tata Steel Kalinganagar and the Electric Arc Furnace project in Ludhiana, Punjab.

T. V. Narendran, Chief Executive Officer and Managing Director of Tata Steel, expressed the company’s commitment to sustainability and achieving Net Zero carbon emissions by 2045. He stated, “Our partnership with Tata Power Renewable Energy Limited marks a pivotal step in Tata Steel’s sustainability journey towards achieving Net Zero carbon emissions by 2045. We stay committed to reducing our environmental footprint and transitioning towards clean, green energy solutions, thus enabling a better tomorrow.”

Dr. Praveer Sinha, CEO & MD of Tata Power, emphasized the significance of the collaboration in meeting Tata Steel’s clean energy goals and contributing to a substantial reduction in carbon emissions. He commented, “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.”