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NTT Com-Netmagic Partners with Tata Power to Build 50 MW Solar Power Project

Posted On: 2019-07-16 21:36:10


NTT Com- Netmagic, a leading Managed Hosting and Multi-Cloud Hybrid IT solution provider in India, today announced a partnership with Tata Power, one of India's largest integrated Power Company, to build its first 50 MW Solar Photovoltaic (PV) power plant in Solapur, Maharashtra, India. This initiative enables NTT Com-Netmagic to meet the green energy needs and optimise operating costs.

This solar power project is aimed at reducing CO2 emission at an average by about 70,000 tonnes per annum, with the increased power and cooling demands of NTT Com-Netmagic's data centers in the city.

The power will be supplied through open access under a long-term power purchase agreement. Poolawadi Windfarm Limited, a subsidiary of Tata Power Renewable Energy Limited (TPREL) has signed definitive agreements to supply 50 MW solar power to NTT Com-Netmagic.

The capacity will be built in a phased manner with initial capacity of 35 MW increasing up to 50 MW within 24 months of initial commissioning of the plant.

"We are extremely pleased to partner with Tata Power to bolster deeper adoption of sustainable and renewable sources of energy to provide reliable and consistent power supply to our clients," said Sharad Sanghi, MD & CEO, NTT Com-Netmagic. "This project epitomises our continued commitment to ensuring sustainable development of India's digital growth story. We have been also using renewable sources of energy, including wind and solar power plants in Bengaluru and Chennai through open access."

Praveer Sinha, CEO & MD, Tata Power said, "It's our constant endeavour to explore new opportunities across the country through various initiatives to provide reliable and sustainable renewable power. This is our first big initiative through a captive route and the company continues to build the foundation for a significant growth in renewables."

NTT Com-Netmagic was recognized with the LEED PLATINUM certification from the Indian Green Building Council (IGBC) for its recently built Bangalore Data center (DC3) project. Also, the Company had received a Gold LEED certification for its data center in Chennai.

Shares of TATA POWER CO.LTD. was last trading in BSE at Rs.67.95 as compared to the previous close of Rs. 68.6. The total number of shares traded during the day was 219736 in over 779 trades.

The stock hit an intraday high of Rs. 69.4 and intraday low of 67.7. The net turnover during the day was Rs. 15066239.


Source: Equity Bulls

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