Buzzing stock: Tata Power Solar wins largest solar and battery storage project of the country

The stock of Tata Power skyrocketed in the last one hour of trade along with a substantial rise in the volume. This happened soon after the company made an exciting announcement. The stock jumped over 4 per cent on Wednesday and also, witnessed a sharp pullback from the lower end of the Bollinger Band.   

Coming back to the announcement, the company stated that Tata Power Solar Systems Limited (Tata Power Solar), India’s largest integrated solar company and a wholly-owned subsidiary of Tata Power, has received a letter of award (LoA) from Solar Energy Corporation of India Ltd (SECI) to build 100 MW EPC solar projects along with 120 MWh utility-scale battery energy storage system (BESS). The total contract value of the project is approximately Rs 945 crore. The project will be executed within 18 months. The utility-scale EPC order book of Tata Power Solar now stands at 4.4 GW (DC) capacity with an approximate value of Rs 9,000 crore (without GST) thereby, strengthening its position as India’s leading solar EPC player.   

SECI project sites are located in Chhattisgarh. The order scope includes engineering, design, supply, construction, erection, testing, O&M, and commissioning of the projects. Tata Power's vision has always been to look forward to the adoption of new technologies with innovation. With this win, the company has strengthened its diversified offerings with BESS within the renewable segment.