Tata Power subsidiary receives LoA for hybrid RE project

At 10 am, the shares of Tata Power Company were trading at Rs 222.30, up by 0.77% from its previous closing of Rs 220.60 on the BSE.

Tata Power Company’s subsidiary –Tata Power Renewable Energy (TPREL) through its subsidiary TP Vardhaman Surya has received Letter of Award (LoA) to set up 966 MW RTC (Round-the-clock) hybrid renewable power project for Tata Steel. This is one of the biggest industrial RTC power PPAs under Group Captive segment in the country. The project has the hybrid renewable capacity of 379 MW solar and 587 MW wind power.

Tata Steel, with an annual crude steel capacity of 35 million tonnes per annum (MnTPA), is one of the world’s most geographically diversified steel producers. This project will fulfil a significant part of Tata Steel’s green energy requirements in India, saving 23,89,160 ton of CO2 emissions annually. Tata Steel will invest 26% equity in the said project. The project will be commissioned by June 1, 2025 as per the arrangement.

With this win, the total renewables capacity of TPREL reaches 7,756 MW with an installed capacity of 4,059 MW (Solar – 3,107 MW & Wind – 952 MW) and 3,697 MW under various stages of implementation.

Tata Power is India’s largest integrated power company. The company 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.

On Friday, the script opened at Rs 224.95 and has touched a high and low of Rs 224.95 and Rs 220.50, respectively.

The BSE group ‘A’ stock of face value Rs 1 has touched a 52-week high and low of Rs 251.00 and Rs 182.45, respectively.

Last one week high and low of the script stood at Rs 226.15 and Rs 214.25 respectively. The current market cap of the company is Rs 71,032.40 crore.

The promoters holding in the company stood at 46.86%, while Institutions and Non-Institutions held 23.93% and 29.20% respectively.