Tata Power gets LoA to develop 60 MW solar project in Gujarat

Tata Power Limited has received a letter of award (LoA) from Gujarat Urja Vikas Nigam Limited (GUVNL) to develop a 60 MW solar project in the state of Gujarat. It has won this capacity in a bid announced by GUVNL in the month of January 2021. 

Under a power purchase agreement (PPA), the energy will be supplied to GUVNL, which would be valid for a period of 25 years from the scheduled commercial operation date. The project has to be commissioned within 18 months from the date of execution of the PPA. 

This plant is expected to generate about 156 MUs of energy per year and will annually offset approximately 156 million kg of carbon dioxide (CO2). 

Tata Power’s renewable capacity will increase to 4,007 MW, out of which, 2,687 MW is operational while 1,320 MW is still under implementation including 60 MW won under this PPA. Also, with this award, the company’s cumulative capacity under development in Gujarat would be now 580 MW. 

Earlier this month, the company had signed a PPA with Tata Steel Limited to develop a 15 MW solar project in Jamshedpur (Jharkhand). 

On Tuesday during the early morning session, the stock of Tata Power was trading 1.9 per cent higher at Rs 105.45 from its previous close of Rs 103.45 on BSE.