Tata Power bags solar project worth Rs 945 cr from Solar Energy Corp

Tata Power Company on Wednesday said that its wholly owned subsidiary Tata Power Solar Systems has received Letter of Award (LoA) from Solar Energy Corporation of India (SECI).

The contract involves building 100 MW EPC solar project along with 120 MWh utility scale battery energy storage system (BESS). The total contract value of the project is approximately Rs 945 crore. The project will be executed within 18 months.

The utility scale EPC order book of Tata Power Solar now stands at approximately 4.4 GW (DC) capacity with an approximate value of Rs 9,000 crore (without GST), thereby strengthening its position as India's leading Solar EPC player.

SECI project sites are located in Chhattisgarh. The order scope includes engineering, design, supply, construction, erection, testing, O&M and commissioning of the projects.

Praveer Sinha, CEO & MD, Tata Power, said: "We are glad to receive this prestigious order from SECI to build Solar EPC projects along with the India's largest utility scale BESS project. This is the second grid-scale solar plant with BESS and is recognition of Tata Power Solar's pioneering work in project execution capabilities in the solar energy domain."

The Tata Power Company (TPC) is one of the largest private-sector power utilities in India, with an installed generation capacity of 12,808 megawatts as of September 2021. The company's business operations include power generation from thermal, hydro, solar and wind sources, transmission and distribution. The company also owns coal mines in Indonesia and a license for coal mining in Russia.

The company's consolidated net profit surged 36% to Rs 506 crore in Q2FY22 from Rs 370.93 crore posted in Q2FY21. Consolidated revenue rose 13% to Rs 9,502 crore on an annual basis.

The scrip surged 4.61% to end at Rs 226.80 on the BSE on Wednesday.