Tata Power Company rose 2.25% to Rs 373.20 after the company's subsidiary signed PDA valuing Rs 105 crore with Tata Communications to set up 18.75 MW AC group captive solar plant.
Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power Company, has signed a power delivery agreement (PDA) with Tata Communications for an 18.75 MW AC group captive solar power plant, facilitated through a special purpose vehicle (SPV) Nivade Windfarm. The project, valued at Rs 105 crore, is located in Aachegaon, Maharashtra and is expected to generate approximately 40 MUs of power annually, while offsetting over 30,000 tonnes of CO2 emissions.TPREL now boasts a total renewables capacity of 9,015 MW, with 7,629 MW under Power Purchase Agreements (PPA), and an additional 4,744 MW under various stages of development. The company currently operates at a capacity of 4,271 MW, inclusive of 3,244 MW in solar projects and 1,027 MW in wind projects.
Tata Power, a member of the Tata Group, possesses a diverse portfolio comprising 14,453 MW across the power value chain, inclusive of renewable and conventional energy generation, transmission & distribution, trading, storage solutions, and solar cells and module manufacturing.
Tata Power Company reported 2.28% jump in consolidated net profit to Rs 1076.12 crore in Q3 FY24 as compared with Rs 1052.14 crore in Q3 FY23. The company witnessed growth in profit due to better realisation in the core business segments consisting of Generation, Transmission & Distribution and Renewables. Revenue from operations increased 3.69% to Rs 14,651 crore in Q3 FY24 from Rs 14,129.12 crore in Q3 FY23.
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