Tata Power on Thursday (16 July) announced that its wholly-owned subsidiary, Tata Power Green Energy (TPGEL), has received a letter of award from Tata Power Mumbai Distribution on 13 July 2020 to develop a 225 MW hybrid renewable project.
The energy will be supplied to Tata Power Mumbai Distribution under a Power Purchase Agreement (PPA) valid for 25 years from scheduled commercial operation date. The firm has won this capacity in a bid finalised recently by Tata Power Mumbai Distribution. The project is required to be commissioned within 18 months from the date of execution of the PPA.
The plant is expected to generate about 700 MUs of energy per year and will annually offset approximately 700 million kg of CO2. Tata Power's renewable capacity will increase to 3,782 MW, out of which 2,637 MW is operational and 1,145 MW is under implementation including 225 MW won under this LOA.
Shares of Tata Power were down 1.17% at Rs 46.55. The stock traded in the range of Rs 46 to Rs 47.65 so far.
The company's consolidated net profit surged 176.7% to Rs 474.70 crore on 8.4% fall in net sales to Rs 6,620.80 crore in Q4 March 2020 over Q4 March 2019.
Tata Power Co. is India's largest integrated power company and, together with its subsidiaries & jointly controlled entities, has an installed/ managed capacity of 12,742 MW.
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