400 per cent returns: This power company bags a new order from Tata Steel!
The stock has returned more than 6 per cent in the last one month.
Tata Power Company Limited informed in the exchange filing that, Tata Power Renewable Energy Limited through its subsidiary TP Vardhaman Surya Limited received a letter of award to set up 966 MW RTC (Round-the[1]clock) hybrid renewable power for Tata Steel. The company stated that this is one of the country's biggest industrial RTC power PPAs under the group captive segment. The project has a hybrid renewable capacity of 379 MW solar and 587 MW wind power.
Tata Steel has an annual crude steel capacity of 35 million tonnes per annum (MnTPA), and is one of the world’s most geographically diversified steel producers. This project will fulfil a significant part of Tata Steel’s green energy requirements in India, saving 23,89,160 tons of CO2 emissions annually. Tata Steel will invest 26% equity in the said project. The project will be commissioned by 1st June 2025 as per the arrangement.
Tata Power Renewable Energy Limited (“TPREL”) is a subsidiary of Tata Power Company Limited and is one of the country’s most significant renewable energy players. TPREL is a developer of renewable energy projects (including solar, wind, hybrid, round-the-clock (RTC), peak, floating solar, and storage systems including battery storage) that it owns, operates, and maintains
Tata Power Company Limited is primarily involved in the business of the generation, transmission and distribution of electricity. It aims to produce electricity completely through renewable sources.
The stock has delivered multibagger returns of more than 400 per cent in the last three years and investors should keep a close eye on this stock.