Tata Power: Subsidiary receives LoA from Gujarat Urja

Private power transmission and distribution company Tata Power announced that the company’s wholly-owned subsidiary in renewable energy business received a Letter of Award (LoA), on Thursday.

Tata Power announced that Tata Power Renewable Energy Limited (TPREL), it’s wholly-owned subsidiary has received a Letter of Award (LoA) from Gujarat Urja Vikas Nigam Limited (GUVNL) to develop a 100 MW solar project in Raghanesda Solar Park of Gujarat. The energy will be supplied to GUVNL under a Power Purchase Agreement (PPA) 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 March 2019. The project has to be commissioned within 15 months from the date of execution of the PPA.

Tata Powers capacity under implementation would become 500 MW which is in addition to the operating capacity of 2,268 MW. It is expected that the plant will generate 250 MUs of energy per year and will annually offset approximately 250 Million Kg of CO2.

On Thursday, the stock closed at Rs. 70.30 per share, higher by 2.48 per cent on BSE, while the benchmark index BSE Sensex ended higher by 329 points at 39,832.