UAE-based Mubadala’s investee companies, Princeton Digital Group (PDG) and Tata Power Renewable Energy Limited, have signed a landmark partnership agreement for the supply of clean electricity to one of PDG’s flagship data centres in India.
Under the terms of the agreement, PDG, a leading Pan-Asia data centre operator, and Tata Power Renewables, one of India’s largest integrated power companies, have co-invested in a captive power plant that will supply electricity to PDG’s MU1 data centre in Airoli, Mumbai, under a 25-year renewable Power Consumption Agreement (PCA).
First power from the solar plant, located in the Nanded district in the Indian state of Maharashtra, will be generated in June 2023, with additional capacity to come online following the completion of future phases of the solar plant. The solar plant will help PDG’s MU1 with its target to be powered by up to 50 percent by renewable energy.
Khaled Abdulla Al Qubaisi CEO Mubadala Real Estate & Infrastructure Investments
“Mubadala is delighted about the partnership between two of our investee companies, PDG and Tata Power Renewables. Both companies align with our focus on value creation, delivering positive outcomes for society, and our view that digitalization is vital to socioeconomic progress and development. By bringing our partners together, we are further supporting the build of sustainable solutions in India, a key strategic partner and market for Mubadala.”
Mr. Vipin Shirsat, General Manager of India PDG, stated that “Cloud and digital adoption continue to surge in India, leading to unprecedented growth in digital infrastructure. This gives us an opportunity to make long-term decisions that not only fosters growth and innovation but also solve sustainability. Our agreement with Tata Power enables us to offer world-class sustainable data centre services to our customers by substituting a substantial part of conventional energy with renewable energy. This partnership is a testament to PDG’s commitment to work towards achieving Net Zero for our Scope 1 and Scope 2 emissions by 2030.”
Mr. Ashish Khanna, CEO of Tata Power Renewable Energy Ltd, said that “Our collaboration with Princeton Digital Group will enable their data centre to source fixed-priced clean and renewable energy on a long-term basis, which is the most cost-effective way. Data centres are factories of the future, and we are committed to supplying them with green energy. Tata Power Renewable Energy Ltd. offers a comprehensive portfolio of renewable energy solutions and, through our expertise in the domain, we shall continue to contribute towards India’s Net-Zero target.”
In 2022, Mubadala invested $350 million in PDG, which has a portfolio of 21 data centres with a capacity of more than 700MW spanning six countries. In the same year, together with BlackRock Real Assets, Mubadala invested $525 million in Tata Power Renewables, which is at the forefront of India’s energy transition and aims to contribute 30GW by 2030, a significant step towards achieving the nation’s sustainable energy goals.
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