OSUN: Tata Power partners with Norway's Ocean Sun to bring innovative membrane-based floating solar technology to India

Will undertake a ~300 kWp floating solar pilot at Tata Power's Mulshi reservoir
in Maharashtra

7 October 2026: Tata Power, one of India's largest integrated power companies,
has partnered with Norway-based renewable energy technology company Ocean Sun to
bring its innovative membrane-based floating solar technology to India. The
collaboration agreement was signed on the sidelines of the 2nd India-EFTA
Prosperity Summit, reinforcing the growing India-Norway and India-EFTA
partnership in technology, innovation and clean energy.

The collaboration will see Tata Power and Ocean Sun undertake a ~300 kWp
floating solar pilot at Tata Power's Mulshi reservoir in Maharashtra. The pilot
will evaluate Ocean Sun's proprietary membrane-based floating solar technology
for performance, reliability, cost competitiveness and scalability under Indian
conditions, while generating practical operating insights for potential future
deployment.

India has significant potential for floating solar deployment. According to
estimates by the National Institute of Solar Energy (NISE), the country has more
than 102 GWp of floating solar potential, providing a substantial opportunity
for the technology to complement ground-mounted and rooftop solar as India
scales its renewable energy ecosystem. Against this backdrop, technology pilots
such as the Mulshi project can help build the technical and commercial evidence
base required for wider deployment.

The ~300 kWp pilot will enable Tata Power to evaluate Ocean Sun's technology
against conventional floating solar solutions across key parameters, including
energy generation, capacity utilisation factor (CUF), installation methodology
and time, reliability, operations and maintenance (O&M) requirements, capital
cost and overall commercial viability.

Unlike conventional floating solar systems that typically use interconnected
pontoon structures, Ocean Sun's technology deploys solar PV modules on a thin,
hydro-elastic membrane that floats directly on the water surface. The
lightweight design has the potential to simplify transportation and installation
while reducing structural requirements. The close proximity of the PV modules to
the water surface may also provide a cooling effect, which could contribute to
improved generation performance.  

Commenting on the initiative, Dr. Praveer Sinha, CEO&MD Tata Power, said: "At
Tata Power, innovation is central to accelerating India's clean energy
transition. Our collaboration with Ocean Sun reflects our commitment to bringing
advanced global technologies to India and evaluating their potential in
real-world conditions. Through this floating solar pilot, we aim to generate
valuable operating insights and assess its potential to deliver reliable,
scalable and cost-effective clean power solutions."

"India is one of the world's most attractive floating solar markets, but it is
also a large and complex market where local execution capabilities are
essential. Tata Power brings the experience, capabilities and market
understanding required to navigate that complexity. We are therefore
particularly pleased to establish this collaboration and to work together on the
floating solar project," said Kristian Tørvold, CEO, Ocean Sun

The collaboration comes at an important juncture for India's floating solar
sector, which is expected to assume a growing role in the country's renewable
energy transition. By enabling solar generation from suitable water bodies,
floating solar can help reduce dependence on land while offering opportunities
for co-benefits such as reduced water evaporation and potentially enhanced PV
performance.

The Summit brought together stakeholders from India and the European Free Trade
Association (EFTA) countries, with the Ministry of Commerce & Industry and
Invest India playing an important role in facilitating and strengthening India's
engagement with EFTA and supporting opportunities for international investment
and technology collaboration.


About Tata Power
The Tata Power Company Limited, a vertically integrated power company and part
of the Tata Group, India's largest multinational business conglomerate, has
built a diversified portfolio across the entire power value chain, with its
total operational and under-construction capacity surpassing 26 GW. This
includes approximately 17.7 GW of clean and green energy capacity (including
projects under construction) and around 8.8 GW of thermal generation capacity,
ensuring a balanced and resilient energy mix. The Company also has a strong
transmission and distribution footprint, with over 7,800 circuit kilometres of
transmission lines, including pipeline projects, and serves over 13 million
customers across its distribution businesses, making it one of India's largest
private power distribution companies.

Further strengthening its leadership in future-ready energy solutions, Tata
Power has established 4.9 GW of integrated solar cell and module manufacturing
capacity, signed 2.8 GW of pumped hydro storage projects, and expanded its EV
charging network to over 7,000 public charging points across 717 cities and
towns in India.

As a pioneer in India's clean energy transition, Tata Power remains committed to
achieving Net Zero by 2045 and continues to partner with public and private
stakeholders to deliver reliable, sustainable, and technology-led energy
solutions across the country.


About Ocean Sun
Ocean Sun is a Norwegian renewable energy technology company developing
innovative floating solar solutions. Combining Norwegian maritime expertise with
photovoltaic technology, Ocean Sun has developed a patented system based on
solar modules mounted on hydro-elastic membranes. The technology is designed to
provide a lightweight alternative to conventional floating PV structures, with
potential benefits in transportation, installation, structural requirements and
performance. Ocean Sun has offices in Oslo, Singapore and Shanghai and is
pursuing its vision of becoming a leading technology provider in floating solar.

For further details, please contact:  
Kristian Tørvold, CEO of Ocean Sun, +47 97088847
Karl Lawenius, CFO of Ocean Sun, +47 45633881

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 contains inside information pursuant to the European Market Abuse\
Regulation. The contacts mentioned above are responsible for the public\
announcement of this message.\