Rs 15,885 crore order book: This multibagger power generation company collaborates with BluSmart to source green power – details inside
The stock gave multibagger returns of over 300 per cent in just 3 years whereas BSE Sensex Index is up by 47 per cent.
BluSmart, India’s leading born-electric, full-stack, vertically integrated e-Mobility ride-hailing service and EV charging infrastructure network, proudly announces a groundbreaking multi-year power purchase agreement (PPA) with Tata Power Trading Company Limited (TPTCL) a wholly owned subsidiary of Tata Power Company Ltd - one of India's largest integrated power companies, to source green power. This strategic collaboration marks a significant step towards BluSmart's commitment to decarbonise mobility at scale and bolster India’s net-zero ambitions.
Under the PPA, 30-MW capacity will be sourced by TPTCL from the Company’s expansive 200-MW Solar PV power plant in Bikaner district, Rajasthan. TPTCL is uniquely positioned in the power trading industry with the Category-I Trading License enabling customers to optimize their energy costs and facilitate their sustainability goals.
Enabled by the recently enacted Green Energy Open Access Rules, this partnership with TPTCL allows BluSmart to eliminate scope 2 emissions from its existing 1.4 million sq. ft. of EV charging infrastructure and future charging hubs. With this, BluSmart emerges as the first mobility player in India to transition from zero tailpipe emissions to a zero-emissions company.
BluSmart is building an integrated energy – infrastructure - mobility business and its born electric technology stack, built indigenously, operates close to 6,000 BluSmart EVs and has completed over 12 million all-electric trips, having covered 400 million all-electric km, saving 28,000 metric tons of CO2 since inception. BluSmart also owns and operates 4,000 EV Chargers across its 35 EV Charging superhubs spread across 1.4 million sq. ft. in densely populated Delhi NCR and Bangalore megacities. BluSmart crossed USD 55 million in the annual revenue run rate and is growing at more than 100 per cent YOY.
Striving towards 100 per cent renewable energy is vital to keep the 1.5°C goal within reach. With this partnership, the company is embarking on a new phase further solidifying its commitment to sustainable transportation and paving the way for a cleaner, greener future for all.
BluSmart has raised USD 200 Mn in growth capital (equity & debt) to date, including investment by one of the leading global climate funds, responsAbility Investments AG. BluSmart has also secured long-term and sustainable EV asset financing of USD 210 million backed by leading Development Financial Institutions (DFIs).
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Tata Power is gearing up for a monumental four-year capex blitz of Rs 60,000 crore, strategically targeting diverse energy sectors to fuel its growth and meet soaring electricity needs. Nearly half, a whopping Rs 27,000 crore, will be poured into renewable energy projects, showcasing the company's unwavering commitment to clean energy and a sustainable future.
Additionally, a flexible Rs 12,000 crore capex allocation hinges on potential wins in transmission and distribution circles. With a robust order book of Rs 15,885 crore and a total capacity of 3,612 MW (as of December 31, 2023), Tata Power is poised for an electrifying future. Tata Power Company Ltd is primarily involved in the business of the generation, transmission and distribution of electricity. The company has a market cap of over Rs 1.2 lakh crore.
On Friday, shares of Tata Power Ltd surged 0.08 per cent to Rs 378.30 per share with an intraday high of Rs 381.65 and an intraday low of Rs 377.50. The stock gave multibagger returns of over 300 per cent in just 3 years whereas BSE Sensex Index is up by 47 per cent. Investors should keep an eye on this Large-Cap power stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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