Shares of Tata Power traded in the green after its subsidiary Tata Power Renewable signed a Power Purchase Agreement (PPA) with the Tata Motors plant in Uttarakhand.

Tata Power Renewable has signed a PPA for a 9 megawatts solar plant at Tata Motors Pantnagar plant in Uttarakhand.

The company said in a regulatory filing, “The solar installation includes an effective approach towards Tata Motors sustainable future goals, with an estimated carbon emission reduction of 25 tonnes of CO2/kWp in Uttarakhand.”

It added that the project will be commissioned within 6 months from the execution date and will utilise both rooftop and ground-mounted units for the installation.

This solar plant will be the largest on-campus solar facility in the state.

Ashish Khanna, CEO of Tata Power Renewable Energy, said, “Tata Power Renewables with this partnership with Tata Motors is supporting India’s green energy future. The 9MWp solar power installation resonates with our commitment to fostering the widespread adoption of eco-friendly clean energy solutions across industries.”

Earlier, Tata Power Renewable Energy and Tata Motors had inked an agreement to establish a 7-megawatts solar project at the Pantnagar manufacturing facility. After the recent facility addition, the combined solar capacity will be 16 megawatts, which will generate 224 lakh units annually, meeting nearly 60% of their annual requirement.

At 3:30 pm, the shares of Tata Power closed at Rs 243.75 or 1.84% above its previous close on NSE.