Rs 17,468 crore order book: This Multibagger Power company inks MoU for 2,800 megawatts hydro storage projects
The company is about to announce its June quarter result today. Additionally, shares of the company have delivered a multibagger return of 373 per cent to its investors.
Tata Power, a prominent Integrated Power Company in India, has entered a Memorandum of Understanding (MoU) with the Government of Maharashtra. The aim of this MoU is to jointly develop two significant Pumped Hydro Storage projects (PSP) with a combined capacity of 2800 Megawatts (MW) within the state.
These projects, located in Shirawta, Pune (1800 MW), and Bhivpuri, Raigad (1000 MW) districts, are projected to require an investment of approximately Rs 13,000 crore. This collaboration not only propels the state towards its ambitious target of achieving a USD 1 Trillion economy by 2028 but also holds the potential to create employment opportunities for more than 6,000 individuals.
The signing of this MoU is a major step forward in Tata Power’s journey towards a clean and green energy future. Pumped Hydro Storage is a reliable and efficient way to store energy, and these projects will support renewable solar and wind projects to ensure a reliable, 24/7 consistent power supply. This is a historic moment for both Maharashtra and Tata Power, and we are proud to be a part of this initiative.” said Dr Praveer Sinha, CEO & MD, of Tata Power.
Today, the shares of the company opened at Rs 237.40, reflecting a 1.5per cent increase from the previous day's closing price of Rs 233.85. As of the time of writing this article, they are trading at approximately Rs 234.75 each on the BSE.
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Tata Power Ltd stands as one of India's foremost integrated power enterprises. Collaborating with its subsidiaries and entities under joint control, it boasts an impressive combined installed/managed capacity of 14,302 MW. The company's reach encompasses the full spectrum of the power value chain, encompassing renewable and conventional power generation, encompassing hydro and thermal energy, as well as engaging in transmission, distribution, and trading activities.