[Abu Dhabi, June 2023] – Mubadala Investment Company (“Mubadala”), the Abu Dhabi sovereign investor, today announced a landmark partnership between its investee companies, Princeton Digital Group (“PDG”) and Tata Power Renewable Energy Limited (“Tata Power Renewables”) for the supply of clean electricity to one of PDG’s flagship data centers in India.
Under the terms of the agreement, PDG, a leading Pan-Asia data center 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 center 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 per cent by renewable energy.
Khaled Abdulla Al Qubaisi, Chief Executive Officer, Real Estate and Infrastructure Investments (“RE&II”) at Mubadala, said: “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 and 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.”
Vipin Shirsat, General Manager, India, PDG, added: “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 solves sustainability. Our agreement with Tata Power enables us to offer world class sustainable data center services to our customers by substituting a substantial part of conventional energy with renewable energy. This partnership is testament to PDG’s commitment to work towards achieving Net Zero for our Scope 1 and Scope 2 emissions by 2030.”
Ashish Khanna, CEO, Tata Power Renewable Energy Ltd, said: “Our collaboration with Princeton Digital Group will enable their data center to source fixed-priced clean and renewable energy on long term basis which is the most cost-effective way. Data centres are factories of the future and we are committed to supply 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 centers 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.
About Mubadala Investment Company
Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi.
Mubadala’s $276 billion (AED 1015 billion) portfolio spans six continents with interests in multiple sectors and asset classes. We leverage our deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates.
For more information about Mubadala Investment Company, please visit: www.mubadala.com