Tata Power secures solar contract in Maharashtra; stock up by 2 per cent

India’s largest integrated power company, Tata power announced on Friday that its wholly-owned subsidiary, Tata Power Renewable Energy Limited (TPREL) received a letter of award (LoA) to develop a solar project in Maharashtra with a capacity of 100 MW by Maharashtra State Electricity Distribution Co. Ltd (MSEDCL).

The energy will be supplied to MSEDCL under a power purchase agreement (PPA), valid for a period of 25 years from scheduled commercial operation date. The company has won this capacity in a bid announced by MSEDCL under phase 5 dated December 2019. The project is required to be commissioned within 18 months from the date of execution of the PPA and is expected to generate about 240 MUs of energy per year and will annually offset approximately 240 million kg of carbon dioxide (CO2).

The latest award brings the company’s power renewable capacity up to 3,557 MW, out of which 2,637 MW is operational and 920 MW is under implementation.

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

At 12.30 pm on Friday, the stock was trading at Rs 43.75, up by 1.98 per cent or Rs 0.85 per share. The 52-week high is recorded at Rs 74.05 and the 52-week low is Rs 27 on BSE.