Stainless steel maker Viraj Profiles along with Avaada Energy will set up a 100 MW solar project in Tarapur, Maharashtra. The aim is to make the captive project operational by February 2024, Viraj Profiles said in a statement.
According to a report of PTI, The company did not disclose financial details of the project. According to industry estimates, an investment of about Rs 5 crore is required to set up every 1 MW of solar capacity.
Once commissioned, the plant will generate about 207 million units of green energy per year, which will offset approximately 182 million kilos of CO2, the statement said.
Viraj Profiles along with Avaada Energy shall set up a special purpose vehicle (SPV) to build the 100 MW captive solar plant, it said.
The power generated will be used for captive consumption by Viraj Profiles’ stainless steel unit in Tarapur, reducing its dependence on conventional sources by 50 per cent