Abu Dhabi, UAE — Mubadala Investment Company Monday announced a partnership between its investee companies, Princeton Digital Group (PDG) and Tata Power Renewable Energy Limited, 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 percent by renewable energy. Khaled Abdulla Al Qubaisi, Chief Executive Officer of Real Estate and Infrastructure Investments (RE&II) at Mubadala, said, “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.”
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.