Tata Power arm obtains 120 MW solar project order from GUVNL

On Monday, Tata Power declared that its renewable energy arm, Tata Power Renewable Energy Limited (TPREL) received a letter of award (LoA) from Gujarat Urja Vikas Nigam Limited (GUVNL) to construct a 120 MW solar project in the state of Gujarat, India.

The company will supply energy to GUVNL for a period of 25 years from the scheduled commercial operation date under the power purchase agreement (PPA). The project is to be commissioned within 18 months from date of execution of PPA. As stated by the company in a press release to BSE, the plant is projected to generate about 300 MUs of energy annually and will offset approximately 300 million kilograms of CO2 per year. With the latest award, the renewable capacity of Tata Power will increase to 3,457 MW, out of which 2,637 MW is operational and 820 MW is under implementation.

Tata Power Company Limited generates and supplies electricity and in doing so, it constructs and operates independent power plants as well as specialises in transmission and distribution of electricity.

The company's stock closed at Rs 42.40 on Monday, up by 1.56 per cent or Rs 0.65 per share on Friday. The 52-week high is recorded at Rs 74.05 and the 52-week low is Rs 27 on BSE.