Tata Power Company announced that its wholly-owned subsidiary, Tata Power Trading Company (TPTCL) has collaborated with BluSmart for sourcing green power.
According to the press release, BluSmart announces a groundbreaking multi-year power purchase agreement (PPA) with Tata Power Trading Company, a wholly-owned subsidiary of Tata Power, to source green power.
BluSmart is India's largest born-electric, full-stack and fully integrated EV ride hailing service and EV charging infrastructure network. It has crossed $55 million in the annual revenue run-rate and is growing at more than 100% YoY.
This strategic collaboration marks a significant step towards BluSmart's commitment to decarbonize mobility at scale and bolster Indias net-zero ambitions, said the company.
Under the PPA, 30 MW capacity will be sourced by TPTCL from the companys expansive 200 MW solar photovoltaic (PV) power plant in Bikaner district, Rajasthan. TPTCL is uniquely positioned in the power trading industry with the Category-I Trading License enabling customers to optimize their energy costs and facilitate their sustainability goals.
Enabled the recently enacted green energy open access rules, this partnership with TPTCL allows BluSmart to completely eliminate scope 2 emissions from its existing 1.4 million square feet of EV charging infrastructure and future charging hubs. With this, BluSmart emerges as the first mobility player in India to transition from zero tailpipe emissions to a zero-emissions company
Punit Goyal, Co-founder, BluSmart, While BluSmart operates an all-electric eMobility ridehailing fleet which contributes to zero tailpipe emissions, with this significant partnership with Tata Power Trading Company, it bears testament to its commitment to address the impact of global climate change and achieving the zero-emissions status.
Tarun Katiyar, CEO of Tata Power Trading Company, said, Our partnership with BluSmart will help them in decarbonizing mobility in the country. We are committed to support multiple industries in achieving their RE Goals through our sustainable, innovative and affordable energy solutions.
Striving towards 100% renewable energy is vital to keep the 1.5C goal within reach. With this partnership, the company is embarking on a new phase further solidifying its commitment to sustainable transportation and paving the way for a cleaner, greener future for all, the company added.
Tata Power, a member of the Tata Group, possesses a diverse portfolio comprising 14,453 MW across the power value chain, inclusive of renewable and conventional energy generation, transmission & distribution, trading, storage solutions, and solar cells and module manufacturing.
Tata Power Company reported 2.28% jump in consolidated net profit to Rs 1076.12 crore in Q3 FY24 as compared with Rs 1052.14 crore in Q3 FY23. Revenue from operations increased 3.69% to Rs 14,651 crore in Q3 FY24 from Rs 14,129.12 crore in Q3 FY23.
Shares of Tata Power Company rose 0.71% to Rs 381.45 on the BSE.
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