Tata Power Renewable Energy Ltd to set up 41 MW captive solar plant for TP Solar Ltd's upcoming 4.3 GW solar cell and module manufacturing facility in Tamil Nadu

Tata Power Renewable Energy Limited (TPREL), a subsidiary of The Tata Power Company Limited, will set up a 41 MW captive solar plant at Thoothukudi, Tamil Nadu for TP Solar Limited (TP Solar) new greenfield 4.3 GW solar cell and module manufacturing facility located at Tirunelveli, Tamil Nadu. The captive plant will help generate 101 million units of electricity and offset around 72,000 metric tonnes of CO2 emissions annually.

The captive solar project will be commissioned 12 months from the signing of the Project Development Agreement (PDA). TPREL has established TP Govardhan Creatives Limited, a specialized entity entrusted with the development, operation, and upkeep of this facility for TP Solar. TP Solar's manufacturing plant is expected to start commercial production of cells and modules by FY 24-25. TP Solar is a subsidiary of TPREL.

Mr. Ashish Khanna, CEO, TPREL, said, "Green energy supply to our state-of-the-art 4.3 GW solar cell and module manufacturing facility from the captive solar plant is a shining example of our commitment to a sustainable transition to green energy. This arrangement will act as a model for all the upcoming solar component manufacturing facilities to source green energy for their production and the resulting domino effect will significantly contribute towards the country's ambitious target of achieving 500 GW of non-fossil fuel-based energy capacity by the end of this decade."

With this new captive solar plant, TPREL's total capacity will expand to 7,877 MW including 3,720 MW of projects at different stages of implementation, and an operational capacity of 4,157 MW, comprising 3,154 MW solar energy and 1,003 MW wind energy.

Shares of Tata Power Company Limited was last trading in BSE at Rs. 259.65 as compared to the previous close of Rs. 259.85. The total number of shares traded during the day was 612746 in over 12021 trades.

The stock hit an intraday high of Rs. 260.55 and intraday low of 256.55. The net turnover during the day was Rs. 158520583.00.

Source : Equity Bulls

Keywords

TataPowerCompany INE245A01021 TataPowerRenewableEnergy CaptiveSolarPlant Thootukudi TPSolar