Tata Power Renewable Energy Ltd has inked a pact with Sanyo Special Steel Manufacturing Pvt Ltd to set up a 28.12-megawatt green energy plant in Maharashtra.

Tata Power arm, Tata Power Renewable Energy Ltd, has signed the Power Delivery Agreement with Sanyo Special Steel through its Special Purpose Vehicle TP Alpha Limited to set up a 28.125 megawatt AC (39.375MWp) captive solar plant in Achegaon, Maharashtra.

The power plant is expected to produce 61.875 million units of electricity annually, which would meet the energy requirement of the steel manufacturing unit of the company.

The plant will also reduce Sanyo Special Steel’s carbon footprint by 42,534 tonnes annually.

The project is expected to be operational by March 2024.

Ashish Khanna, CEO of Tata Power Renewable Energy Limited, stated, “These initiatives yield advantages like cost reduction, lower emissions, enhanced energy security, and alignment with sustainability targets. The government’s prioritisation of captive power projects, driven by their economic and environmental merits, highlights their significance for various industries.”

Dilipkumar Pachpande, Managing Director of Sanyo Special Steel Manufacturing India Pvt Ltd, said that the collaboration aligns with the company’s commitment towards clean and green energy solutions and aligns with their goal towards climate change and sustainable development.

He added that the project would also significantly benefit the steel manufacturing unit by reducing CO2 emissions and costs, enhancing sustainability, and contributing towards carbon-neutral goals by producing green steel.