Tata Power subsidiary receives LoA to set up 200 MW solar PV project in Solapur

The installation will reduce around 432.94 million kg of CO2 emissions annually.

Receiving LoA from MSEDCL  

Tata Power company’s subsidiary - Tata Power Renewable Energy (TPREL) has received the ‘Letter of Award’ (LoA) from Maharashtra State Electricity Distribution Company (MSEDCL), a wholly owned corporate entity under the Maharashtra Government, to set up a 200 MW solar PV project in Solapur, Maharashtra.

The project will be commissioned within 18 months from the PPA execution date. The project was awarded through competitive bidding, followed by a reverse e-auction.

The installation will reduce around 432.94 million kg of CO2 emissions annually and will be one of the most substantial solar PV projects. With this win, the total renewables capacity of TPREL reaches 6,503MW with an installed capacity of 3,909 MW (Solar - 2,981 MW & Wind - 928 MW) and 2,594MW under various stages of implementation.

Stock price movement

On Wednesday, the stock opened at Rs 203.10 and touched a high and low of Rs 203.65 and Rs 201.80 respectively. The BSE group 'A' stock of face value of Rs 1 has touched a 52-week high and low of Rs 298 and Rs 190, respectively. Last one week high and low of the scrip stood at Rs 206.35 and Rs 198.75 respectively. The current market cap of the company is Rs 64,561.84 crore.

The promoters holding in the company stood at 46.86%, while Institutions and Non-Institutions held 24.27% and 28.85% respectively.

Company Profile

Tata Power Company Ltd is primarily involved in the business of the generation, transmission and distribution of electricity. It aims to produce electricity completely through renewable sources. It also manufactures solar roofs and plans to build 1 lakh EV charging stations by 2025.