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Tata Power Solar commissioned a greenfield solar project for Brookfield Renewable near Jodhpur yesterday.
Brookfield Renewable is a subsidiary of the Canadian Private Equity major. Brookfield AMC operates one of the world's largest publicly traded, pure-play renewable power platforms. Its portfolio includes hydroelectric, wind, solar, and storage facilities in North America, South America, Europe, and Asia.
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The 450 MW solar plant necessitates a setup of 800,000 modules which will generate enough energy to reduce CO2 emissions by around 600,000 tonnes. Tata Power Solar is the project's construction partner, having completed the project in a record time of 7 months. HSBC India and Axis Bank were the financing partners of the project.
NTPC is set to offtake this power under a 25-year PPA for sale to MP Power Management Company and the Puducherry Electricity Department.
The full commissioning of this project will help Brookfield Renewable's India portfolio reach 1GW. Brookfield Renewable has a global portfolio of 21 GW, with a further 60 GW in development.
"We are pleased to have completed the solar plant for Brookfield Renewables India in Rajasthan in record time. This project not only underlines our commitment to promoting sustainable energy adoption but also fortifies our position as a major EPC player in the country," said Praveer Sinha, CEO & MD of Tata Power.
Investors can access Brookfield Renewable's portfolio through Brookfield Renewable Partners L.P. (BEP), a Bermuda-based Limited Partnership, or through Brookfield Renewable Corporation (BEPC), a Canadian corporation. Both are publicly listed and traded on the NYSE. BEPC closed at $37.19 per share yesterday while BEP at $36.55 per share.
Article by Aman Agarwal.
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