Two companies backed by the UAE's Mubadala Investment Company, including pan-Asia data centre operator Princeton Digital Group and Tata Power Renewables have signed an agreement to collaborate on clean electricity.
PDG and Tata Power Renewables have jointly invested in a captive power plant that will supply power to the Singapore-based company’s MU1 data centre in Mumbai under a 25-year agreement, Abu Dhabi’s strategic investment company said on Monday.
“Both companies align with our focus on value creation and delivering positive outcomes for society, and our view that digitalisation is vital to socioeconomic progress and development,” said Khaled Al Qubaisi, chief executive, Real Estate and Infrastructure Investments at Mubadala.
“By bringing our partners together, we are further supporting the building of sustainable solutions in India, a key strategic partner and market for Mubadala.”
First power from the solar plant, which is in the Indian state of Maharashtra, will be generated in June this year, with additional capacity to come online after the completion of future phases of the project, Mubadala said.
The solar plant will help MU1 with its target to be powered by up to 50 per cent by renewable energy, the fund said.
“Cloud and digital adoption continue to surge in India leading to unprecedented growth in digital infrastructure,” said Vipin Shirsat, general manager, India at PDG.
“This gives us an opportunity to make long-term decisions that not only foster growth and innovation but also solve sustainability.”
Last year, Mubadala led a funding round of more than $500 million for PDG as it builds its digital infrastructure portfolio.
Mr Al Qubaisi said at the time that Mubadala would work jointly with PDG’s management to accelerate its growth and create sustainable and long-term value, while supporting Asia’s digital infrastructure development as a vital enabler to economic progress.
In 2022, a consortium led by BlackRock Real Assets, which included Mubadala, invested $525 million in Tata Power Renewables to create the country’s “most comprehensible” renewable energy platform.
Mubadala, which invests on behalf of the Abu Dhabi government, is at the heart of the emirate’s efforts to diversify its revenue base and generate income from sources other than oil.
The fund invested Dh107 billion ($29.13 billion) last year across various sectors and received proceeds of Dh106 billion by monetising assets at strong valuations.
The investments were made in sectors including life sciences, renewable energy and digital infrastructure, in line with the company’s strategy to invest in industries shaping the future, Mubadala said.
Assets under management across the group stood at $276 billion.
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The solar park covers an area of 56 square kilometers. Photo: Alamy -
The 200 megawatt structure is the second biggest in the world. Bloomberg -
The park covers an area of 53 square kilometres. AFP -
The Egyptian plant has a capacity of 1650 megawatts. Reuters. -
The solar farm in China is in the fourth largest desert in China. Getty
