Tata Power surges after its JV inks pact with Asian Development Bank!
An agreement with Asian Development Bank (ADB) to enhance Delhi’s power distribution.
A $2 million Grant
Tata Power Delhi Distribution (TPDDL), a joint venture between Tata Power and the Government of NCT of Delhi, has entered into an agreement with the Asian Development Bank (ADB) to enhance Delhi’s power distribution through grid enhancements, and a $2 million grant to partially finance the purchase and integration of a pilot Battery Energy Storage System (BESS). The senior secured financing will be used to commission a new 66/11-kilovolt grid, augment and expand transformers, substations, feeder lines, and switching stations, install smart meters, and replace obsolete electrical equipment and meters.
The 10-megawatt-hour (MWh) BESS is South Asia’s first grid-scaled energy storage project at the distribution transformer level. It will enable electricity to be stored and delivered on demand, reducing grid instability, and providing the flexibility to integrate intermittent solar and wind energy resources. The grant to finance the BESS is provided by Goldman Sachs and Bloomberg Philanthropies’ Climate Innovation and Development Fund (CIDF) and administered by ADB.
Share price movement of Tata Power Limited
Today, the stock opened at Rs 195.20, with a high and low of Rs 197.70 and Rs 195.10. The stock closed trading today at Rs 195.75, up by 0.31%.
The stock has a 52-week high of Rs 298.00 and a 52-week low of Rs 182.45. The company has a market capitalisation of Rs 62,548.77 crore.
Tata Power Company Limited 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.
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