Tata Power arm receives LOA to develop 250 MW solar project in Gujarat

Mumbai headquartered power company, Tata Power, informed on Monday that one of its subsidiaries has received Letter of Award (LoA) from Gujarat Urja Vikas Nigam (GUVNL) for development of 250 MW solar energy plant.

Tata Power Company’s wholly-owned subsidiary, Tata Power Renewable Energy (TPREL) has received LOA from GUVNL on July 25, 2019 to develop a 250 MW solar project in Dholera Solar Park of Gujarat. This capacity is in addition to 100 MW awarded by GUVNL earlier at Raghanesda Solar Park in May'19.

The Power Purchase Agreement (PPA) under which the energy will be supplied to GUVNL will be valid for a period of 25 years from the scheduled commercial operation date. The company has won this capacity in a bid announced by GUVNL in January 2019. The project has to be commissioned within 15 months from the date of execution of the PPA.

Tata Power is one of the largest integrated power company engaged in fuel security, logistics, thermal, hydro, solar and wind related transmission, distribution and trading, etc. in the power sector.

The company's stock closed at Rs. 61.40, a decline of 1.44 per cent on the BSE.