Tata Cleantech Capital, a joint venture between Tata Capital and International Finance Corporation, has funded a solar rooftop project at the National Centre for Performing Arts in Mumbai
Tata Cleantech Capital (TCCL), a joint venture between Tata Capital and International Finance Corporation (IFC), has funded a solar rooftop project at the National Centre for Performing Arts (NCPA) with the help of Avesta Solar (ASPL) in Mumbai.
TCCL alone disbursed a total of Rs 2.36 crore to this project, the largest solar rooftop project in Mumbai.
The NCPA plays host to over 600 performances annually and will stand to benefit greatly from this, given the project has a capacity of over 450 kilowatt (KW), with an effective reduction in greenhouse gases to the tune of 15,000 tonne over its life span of 25 years.
The installation, which has a life span of over 20-25 years, is capable of generating around 650,000 units and is estimated to save NCPA’s exchequer around Rs.50 lakh per annum.
Manish Chourasia, chief executive officer of Tata Cleantech Capital, said, “The government of India has ambitious plans to create 175 gigawatt (GW) of renewable energy by 2022. TCCL is pleased to have funded the city’s largest private solar rooftop project at the iconic NCPA in Mumbai. The solar power system installation will add to TCCL’s existing suite of projects funded, with a cumulative renewable energy power output of over 3.44 GW and a saving of approximately 150 million tonne of carbon dioxide emissions over its life span of 25 years.”
Chourasia added that the company’s primary focus is to fund similar quality renewable assets and expect to participate in the funding of around 10 GW generation capacity over next 2-3 years.
Burjis Bulsara, founder of ASPL, said, “Avesta Solar is working in line with the Indian government’s plans to install 40 GW of solar rooftop projects by 2022 and is looking forward to partnering with TCCL and other establishments in providing solar rooftop solutions.”
TCCL offers end-to-end business solutions in the clean technology space. The company identifies, evaluates and funds projects in renewable energy (wind, solar, small hydro and biomass), energy efficiency (infrastructure, buildings, and industry) and water treatment sectors with the objective to support a sustainable living.
Avesta Solar provides affordable and sustainable solar power solutions and has worked with the Tata Group in successfully implementing solar rooftop projects at various locations in Maharashtra.