Latest News | Viraj Profiles Along with Avaada Energy to Set Up 100 MW Solar Plant in Maharashtra

New Delhi, Mar 10 (PTI) 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 on Friday.

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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.

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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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)