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Tata Power to develop 250 MW Solar Project in Karnataka

Posted On: 2018-07-11 12:43:44

Tata Power, India's largest integrated power company, announced that Tata Power Renewable Energy Limited (TPREL), the Company's wholly owned subsidiary, has received a Letter of Award from Karnataka Renewable Energy Development Limited (KREDL) to develop 250 MW (50 MW x 5 Nos) of solar projects located in state's Tumkur district at Karnataka.

The projects will be set up at the Pavagada Solar Park in Tumkur district at Karnataka and the energy will be supplied to the State Discoms under a Power Purchase Agreements (PPA), valid for a period of 25 years. The Company has won this capacity in a bid at a tariff of INR 2.85/kWH announced by KREDL during April 2018. The projects will be commissioned within 12 months from the date of signing of the PPA.

Speaking on this achievement, Mr. Praveer Sinha, CEO & MD, Tata Power, said, "We are proud to announce that we have been awarded the 250 MW Solar Project in Karnataka, and thankful to the Government of Karnataka and the officials at KREDL for this opportunity. We are delighted to contribute towards the realisation of our country's commitment towards clean and green energy through solar power generation."

"We are pleased to announce our win in Karnataka and with this, we continue to demonstrate our strong project development, engineering and execution capabilities. This is an important milestone in our endeavour to generate 35-40 per cent of Tata Power's total generation capacity from clean energy sources. Pavagada Solar Park has provided us a unique opportunity to enhance our generation capacities in the same location and post development we will have the optimisation advantage of operating more than 400 MW AC power from Pavagada. Establishment of solar project in this area will improve the revenue to the Govt. and enables Pavagada to be one of the pioneers in Solar park in the entire Country." said Mr. Ashish Khanna, President-Renewables, Tata Power.

The 250 MW solar project is the largest capacity won by the company in a bid so far. With this addition, TPREL will have an overall operational capacity of 400 MW in Pavagada Solar Park as 150 MW has already been operational since FY18. The plant is expected to annually offset approximately 578631 tCO2e per year. TPREL has an operation capacity of 675 MW making it a key player in the renewable energy space. 1.6% of their total annual consumption will be met with this project.

Shares of TATA POWER CO.LTD. was last trading in BSE at Rs.72.9 as compared to the previous close of Rs. 73.2. The total number of shares traded during the day was 863668 in over 960 trades.

The stock hit an intraday high of Rs. 74 and intraday low of 72.7. The net turnover during the day was Rs. 62986806.


Source: Equity Bulls

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