Tata Power receives Letter of Award from RUMSL for setting up of 330MW Solar Project in Madhya Pradesh

TP Saurya Limited (TPSL), a wholly owned subsidiary of Tata Power, has received a "Letter of Award" (LoA) from Rewa Ultra Mega Solar Limited (RUMSL) to build 330 MW (Unit-1 :160 MW + Unit-2:170 MW) of Solar Project in Neemuch Solar Park of Madhya Pradesh. This project has been awarded through Tariff-based competitive bidding followed bye-Reverse auction.

The Honourable Chief Minister of Madhya Pradesh Shri. Shivraj Singh Chauhan, in the presence of Shri. Hardeep Singh Dang, Hon'ble Minister of Department of New and Renewable Energy; Shri. Sanjay Dubey (IAS), Principal Secretary; Shri. Akash Tripathi (IAS), MD, MPPMCL & other key dignitaries handed over the LOA to Mr. Ashish Khanna, President - Renewables, Tata Power.

Speaking on the achievement, Dr. Praveer Sinha, CEO & MD, Tata Power said, "We are glad to receive this prestigious order for development and operation of 330 MW Solar Project from Rewa Ultra Mega Solar in Madhya Pradesh. We have been progressively growing our portfolio of gridscale solar plants across the country."

The projects will be set up at the Neemuch Solar Park in Neemuch district at Madhya Pradesh and the energy will be supplied to the Indian Railways and the Madhya Pradesh Power Management Company Limited under Power Purchase Agreement (PPA) valid for a period of 25 years. The company has won this capacity in a bid finalised through reverse auction by RUMSL. The project will be commissioned within 19 months from the date of execution of the PPA.

With this, the total renewable capacity of Tata Power will reach 4361 MW with an installed capacity of 2947 MW and 1414 MW under implementation.

Shares of Tata Power Co. Ltd was last trading in BSE at Rs. 133.4 as compared to the previous close of Rs. 129.05. The total number of shares traded during the day was 3314447 in over 24263 trades.

The stock hit an intraday high of Rs. 134.25 and intraday low of 128.7. The net turnover during the day was Rs. 436707213.

Source : Equity Bulls

Keywords