Tata Power Renewable Energy Inks PDA With Chalet Hotels For 6 MW AC Group Captive Project

Tata Power Renewable Energy Limited (TPREL) has signed a PDA (Power Delivery Agreement) of Group Captive Project for 6 MW AC with Chalet Hotels Limited to supply 13.75 million units of clean energy from renewable sources.

A 6 MW solar facility will be built as part of the power delivery agreement (PDA), which will contribute to cutting 9,762 tonnes of carbon emissions, according to a statement from Tata Power Renewable Energy Limited.

Speaking on the association, Mr. Ashish Khanna, CEO, Tata Power Renewable Energy Limited, expressed, "We are happy to join hands with Chalet Hotels Limited to generate renewable energy for its properties through 6 MW AC (8.75 MWp) Group Captive project. This association will make clean energy usage mainstream and also support the decarbonization of the hospitality industry."

Speaking about this strategic partnership, Mr. Sanjay Sethi, MD & CEO at Chalet Hotels Limited, stated, "We are thrilled to partner with Tata Power Renewable Energy Limited on this significant initiative. This Power Delivery Agreement not only aligns with our sustainability goals but also supports India's transition towards cleaner energy sources. With this collaboration to explore 6 MW AC for a Group Captive project, we are delighted to brighten our greener energy horizon. It is a win-win for both the environment and our stakeholders."

TPREl is a leading renewable energy company in India and a subsidiary of Tata Power, Tata Group's Energy sector company. TPREL is assisting numerous C&I clients in the steel, automotive, polymer, hospitality, retail, real estate, and other industries to harness the power of renewable energy for environmentally friendly operations.

"Recently, TPREL entered into a Power Delivery Agreement (PDA) with Sanyo Special Steel Manufacturing India Private Limited for a Captive Solar Plant with a capacity of 28.125 megawatts (AC) and a Captive Power Delivery Agreement (PDA) for 4.4 megawatts (AC) with the ANAND Group, a prominent global leader in the automotive systems and parts industry," the company said in a statement.

On Friday, following the development, the shares of Tata Power hit 52-week high at Rs 255.90 per share on BSE. The stock's 52-week low is Rs 182.45 per share. The stock closed at Rs 255.20 per share, up 4.14% from the previous close on BSE.

Stock has gained 4.04% in 1 week, and 4.42% in 1 month. It jumped 7.63% in 1 year, 328.91% in 3 years, and 233.16% in 5 years, respectively.

About - Tata Power Ltd.

Tata Power is one of India's largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed/managed capacity of 14,324 MW. The Company has a presence across the entire power value chain - generation of renewable as well as conventional power including hydro and thermal energy, transmission & distribution, and trading. The Company developed the country's first Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology. With 5,464 MW of clean energy generation from solar, wind, hydro, and waste heat recovery accounting for 38% of the overall portfolio, the company is a leader in clean energy generation.