Tata Power Company said that its subsidiary, Tata Power Renewable Energy (TPREL) has signed a power purchase agreement (PPA) with Tata Power Delhi Distribution (Tata Power-DDL), for 510 megawatt (MW) hybrid project.
The company said that the project will save on an average of 1,540 MUs of carbon dioxide (CO2) emissions annually for Tata Power-DDL, a joint venture between Tata Power and Government of Delhi that supplies electricity to a populace of over 7 million in North Delhi.
The PPA has the capacity bifurcation of 170 MW solar and 340 MW wind power. Located in Karnataka, it is one of the largest hybrid projects in the country and will be commissioned within 24 months from the PPA execution date, the company stated in the press release.
Ashish Khanna, CEO, Tata Power Renewable Energy, said, "Tata Power Renewable has signed one of the largest PPAs in the country for a 510 MW hybrid project, via competitive bidding. This partnership is significant in our quest to continue our journey as one of the torchbearers of the green and clean energy transition."
TPREL won this project through a competitive bidding process, followed by the release of LOA by Tata Power-DDL. This win is an extension of the earlier LOA of 255 MW received in December 2022.
Ganesh Srinivasan, CEO, Tata Power Delhi Distribution, said, Aligned with the nation's renewable energy mission, we are pleased to join hands with Tata Power Renewable Energy for our biggest hybrid energy tie-up. We are confident that this association will strengthen our commitment towards significantly enhancing the portion of sustainable energy in the overall supply mix."
With this win, the total renewables capacity of TPREL reaches 6,303 MW with an installed capacity of 3,909 MW (Solar - 2,981 MW & Wind - 928 MW) and 2,394 MW under various stages of implementation.
Tata Power Company is one of India's largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed / managed capacity of 14,002 MW The company has a presence across the entire power value chain - generation of renewable as well as conventional power including hydro and thermal energy, transmission & distribution, coal & freight, logistics, and trading.
The company's consolidated net profit soared 121.9% to Rs 945.02 crore in Q3 FY23 as against Rs 425.81 crore in Q3 FY22. Net sales jumped 29.5% year on year to Rs 14,129.12 crore in the quarter ended 31 December 2022.
Shares of Tata Power Company declined 0.69% to Rs 208.20 on the BSE.
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