Tata Power arranges renewables off-take for India's Noida airport

Indian electric utility Tata Power Co Ltd (BOM:500400) has signed two deals to supply wind and solar power to Noida International Airport (NIA) and committed to investing over INR 5 billion (USD 59.2m/EUR 55.3m) into projects tied to the arrangement.

The utility said on Thursday it has signed two power purchase agreements (PPAs) with the Uttar Pradesh airport that will meet NIA's sustainable power needs.

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Specifically, Tata Power Trading Company Ltd (TPTCL) will deliver electricity for the airport’s requirements from 10.8 MW of wind power capacity owned by Tata Power Renewable Energy. Along with that, TPTCL will develop, build, operate and maintain a 13-MW solar park that will also produce power for NIA.

Tata Power will invest INR 5.5 billion in the solar and wind power projects and to develop critical dry utilities and smart energy infrastructure. Additionally, it will take care of those facilities’ operation and maintenance (O&M) for 25 years in order to help the airport meet its smart energy requirements.

The Indian utility noted that the contracts demonstrate the potential for replicating a green model across India’s airport industry.

(INR 10 = USD 0.118/EUR 0.111)