Tata Power Co Ltd’s shares were up by 1.23 per cent after the company reported that Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power, signed a power delivery agreement (PDA) valued at ₹105 crore with Tata Communications Limited for setting up an 18.75-MW AC group captive solar power plant. The project, facilitated through a special purpose vehicle (SPV) named Nivade Windfarm Limited, will be located in Aachegaon, Maharashtra.

The company said the solar power plant is expected to generate approximately 40 million units (MUs) of power annually, contributing to Tata Communications’ renewable energy goals. The plant will offset more than 30,000 tonnes of carbon dioxide emissions annually.

Deepesh Nanda, CEO and Managing Director of Tata Power Renewable Energy Limited, said, “We are pleased to partner with Tata Communications to support their transition to renewable energy and duly enable their progress in the digital ecosystem arena for being a market leader in comm-tech space. Our customised green energy solutions such as group captive solar will not only reduce operating costs but also increase energy efficiency, thus paving the way for a sustainable and future-ready sector.” 

Shares were up by 1.23 per cent to ₹369.50 at 1.21 pm on the BSE.