Page 7 - Tata Power

Tata Power Q2 net profit rises to Rs 1,017 cr on strong growth in core biz

Tata Power on Wednesday posted a 9 per cent rise in its consolidated net profit to Rs 1,017.41 crore in the September quarter, mainly on the back of higher revenues from core business. Its consolidated net profit was Rs 935.18 crore in the year-ago period, according to a regulatory filing. Total income rose to Rs 16,029.54 crore in the July-September quarter from Rs 14,181.07 crore in the same period a year ago. In a statement, the company explained that during the quarter, a significant 84 per cent contribution to the company's Profit After Tax (PAT) came from the core businesses, while the contributions from overseas joint ventures, including coal mining operations, continued to decline. "We have reported yet another strong quarter of financial performance, driven by robust contributions from all our core business clusters. Our adherence to financial discipline, operational excellence along with business resilience and diversification have helped us in maintaining this consisten

TPDDL, IIT-Roorkee sign MoU for development of energy saving solutions

Tata Power Delhi Distribution Ltd (TPDDL) on Tuesday said it has signed an agreement with IIT-Roorkee to conduct research and develop solutions for optimal use of energy. The Memorandum of Understanding (MoU) was signed between TPDDL CEO Ganesh Srinivasan and M K Singhal, Head of Department, Hydro and Renewable Energy at IIT Roorkee. "TPDDL and IIT Roorkee signed a MoU to research and develop pioneering solutions for optimal use of energy, leading to greener and sustainable future through its Urja Arpan initiative," the company said in a statement. The collaboration with IIT Roorkee signifies a harmonious blend of our experience and their academic brilliance, fostering a fertile ground for... pioneering research papers and inventive ideas within the realm of Urja Arpan, Srinivasan said. Tata Power Delhi Distribution Ltd is a joint venture between Tata Power and the Delhi government.

Adani Green crosses 8.4 GW mark, becomes India's largest RE company

Among its peers, ReNew is closest with 8.3 GW, followed by Tata Power and Greenko Energies with close to 4 GW capacity each. State-owned NTPC has a 3.2 GW green energy capacity

MPCB asks Tata Power to halve particulate matter emissions at plant

Tata Power on Friday said the Maharashtra Pollution Control Board (MPCB) has requested it to halve the particulate matter emissions from its generating unit here to help curb pollution. "MPCB has asked Tata Power to explore the feasibility of reducing the particulate matter from the stack from the present permissible 100 Mg/Nm3 to a more benign 50 Mg/Nm3," a spokesperson for the power utility said. Tata Power said Thursday's news reports about it being asked to halve production to help reduce pollution are "factually incorrect". Mumbai is witnessing very high air pollution despite its inherent advantage of being a coastal city. Experts have blamed the infrastructure and construction building activity and poor enforcement of regulations designed to curb pollution for the situation.

MPCB asks HPCL, Tata Power to cut down production by 50% in Mumbai

Amid growing concerns over the rise in air pollution in Mumbai, the Maharashtra Pollution Control Board (MPCB) said it has asked the Hindustan Petroleum Corporation Limited (HPCL), Tata Power and a few other companies to cut down their production by 50 per cent with an aim to curb pollution. In its press statement on Wednesday, the MPCB said it gave this instruction in the notices issued on October 27 to the HPCL, Tata Power, Aegis Logistics at Mahul and Sealord Containers Ltd at Ambapada located in Trombay area of Mumbai. The MPCB also forfeited the bank guarantee of Rs 10 lakh of Aegis Logistics and Rs 5 lakh of Sealord Containers, it said. A similar notice was sent to the Rashtriya Chemicals and Fertilizers Limited (RCF) in Chembur on Wednesday, in which strict guidelines were issued for it. The board also closed down two ready-mix concrete (RMC) plants in the city, it added. The action comes in the wake of the Brihanmumbai Municipal Corporation's issuance of the standard operat

Deepesh Nanda appointed as President-Renewables, CEO & MD of TPREL

Tata Power on Wednesday said Deepesh Nanda has been appointed as President-Renewables and CEO & MD of its subsidiary Tata Power Renewable Energy Limited (TPREL). His appointment is effective November 1, 2023, Tata Power said in a statement. Nanda will be responsible for driving the growth and profitability of Tata Power's renewable energy portfolio, which encompasses solar, wind, hybrid, and B2C green energy solutions. He will also lead innovation and digital transformation initiatives in the renewable energy sector. Nanda brings with him 28 years of extensive experience across companies like GE, Flowserve and Tyco. He joins Tata Power from GE Gas Power, where he was the Chief Executive Officer for South Asia, overseeing operations in India, Bangladesh, Sri Lanka, Mauritius, and Nepal. He was additionally President & CEO of GE's Aero-derivative Gas Turbine business segment for Asia. Nanda is an alumnus of Annamalai University. He did his MBA from the Open University Business ..

Tata Power arm inks pact to build 43.75 MW solar project for Mukand Ltd

Tata Power Renewable Energy Ltd (TPREL) on Friday said it has inked a pact for building a 43.75 MW captive solar project for Mukand Ltd, a Bajaj Group firm. Located at Jamkhed in Maharashtra, the installation will generate 99.82 MUs (million units) annually and is expected to offset 54,687 tonne CO2 emissions per year. As per the Power Delivery Agreement (PDA), TPREL will undertake the construction, operation, and maintenance of the captive solar power plant, Tata Power said in a BSE filing. The project is scheduled for commissioning by March 2024. The plant's primary objective is to fulfil Mukand's energy needs while promoting environment-friendly practices within their stainless-steel manufacturing operations. Shashibhushan Upadhyay, President, Mukand Ltd said with this addition, the total renewables capacity of TPREL reaches 7,946 MW, including 3,755 MW projects under various stages of implementation, and its operational capacity is 4,191 MW, which includes 3,185 MW solar and 1

TPREL and Supreme Petrochem to set up 12.5 MW captive solar plant in Maha

Tata Power Renewable Energy Ltd (TPREL) on Friday said it has signed an agreement with Supreme Petrochem Ltd for setting up a 12.5 MW captive solar plant in Maharashtra. It has already signed a Power Delivery Agreement (PDA) with Supreme Petrochem Ltd through a Special Purpose Vehicle (SPV) TP Saturn Ltd in this regard, TPREL said in a statement. The plant will be set up at Achegaon in Maharashtra and will generate 27.5 million units of electricity every year. The plant is expected to reduce carbon emissions by 20,075 metric tonnes per annum and is expected to be operational within eight months of the signing of the PDA. "Our alliance with Supreme Petrochem Ltd to install 12.5 MW captive solar project will help them meet their sustainable energy requirements. We are supporting multiple C&I (commercial and industrial) consumers with intensive energy requirements to join the green energy transition process through our customised green energy solutions," Tata Power Renewable Energy ..

Tata Steel to acquire 26% stake in Tata Power Renewable Energy arm TPVSL

Tata Steel on Thursday said it will acquire a 26 per cent stake in TP Vardhaman Surya Ltd (TPVSL), an arm of Tata Power Renewable Energy Ltd. The company did not disclose the transaction value. It will also source 379 megawatt (MW) of clean energy from Tata Power Renewable Energy Ltd (TPREL), Tata Steel Ltd (TSL) said in a statement. TSL has concluded the negotiations to enter into definitive agreements with TPREL to acquire 26 per cent in TPVSL, currently a wholly-owned subsidiary of TPREL. TSL will also enter into an agreement with TPREL to source 379 MW of renewable power, the statement said. Tata Steel CEO and managing director T V Narendran, said: "Our partnership with Tata Power Renewable Energy marks a pivotal step in Tata Steel's sustainability journey towards achieving net zero carbon emissions by 2045. We stay committed to reducing our environment footprint and transitioning towards clean, green energy solutions.

Bridgestone ties up with Tata Power to install EV chargers for 4-wheelers

Tyre maker Bridgestone India on Tuesday said it has joined hands with Tata Power to install EV chargers for four-wheelers at its dealerships across the country. Under the collaboration, Tata Power will instal 25/30 Kwh capacity DC fast chargers that are capable of charging a four-wheeler within one hour, allowing 20-24 vehicles being charged in a day, Bridgestone India said. The chargers will be operational on a 24x7 basis, the company said in a statement. "At Bridgestone, being a globally trusted partner in the mobility space, we always endeavour to provide solutions for journeys. This joint initiative with Tata Power is a reflection of this commitment," Bridgestone India Chief Commercial Officer Rajarshi Moitra stated. The chargers will be accessible to Bridgestone customers and all EV owners. "Our partnership with Bridgestone India exemplifies our dedication to facilitating the electric vehicle revolution by fostering innovation and collaboration," Tata Power Head Business ...

Tata Power to hold 'Lok Adalat' on October 8 to settle 'power theft' cases

Tata Power Delhi Distribution Limited will hold a 'Lok Adalat' in association with the Delhi State Legal Services Authority on October 8, it said in a statement on Friday. The Lok Adalat -- to be held from 10 am to 4 pm at the discom's Delhi office -- will offer on-spot-settlement in cases connected to electricity theft. "Consumers who look forward to settling their power-theft cases can utilise this opportunity for an amicable and immediate settlement of unsolved cases," the statement said. Litigants can register for the Lok Adalat by dialling 19124 or writing to eac.care@tatapower-ddl.com. The complainants have been asked to carry photo IDs and a copy of their "theft bill".

Moody's upgrades Tata Power rating to Ba1, maintains stable outlook

According to a report from Moody's, the rating upgrade to Ba1 is driven by Tata Power's solid financial metrics, which are projected to remain above the upgrade trigger set for the earlier Ba2 rating

Stocks to Watch today, Sep 28: Adani Ports, Apollo Hosp, NBCC, Zee, KEC

Stocks to watch on Thursday, September 28 2023: Telecom stocks too may see some action after Trai data for July showed considerable new subscriber additions for Jio and Airtel; and loss of market shar

Tata Power Renewable Energy enters Nepal market, ties up with Dugar Power

Renewables solution provider Tata Power Renewable Energy on Thursday said it has collaborated with Nepalese firm Dugar Power to accelerate Nepal's renewable energy initiatives. This tie-up heralds TPREL's strategic entry into Nepal's rapidly evolving renewable energy sector and sets the stage for a quantum leap in accelerating Nepal's shift toward sustainable energy, according to a statement. "Tata Power Renewable Energy Ltd (TPREL) has signed an agreement with Dugar Power Private Ltd (Dugar Power), a subsidiary of Dugar Group which is a prominent business house in Nepal," a company statement said. The partnership is set to deploy transformative solar technologies to produce a range of on- and off-grid energy solutions and mark the inception of a long-term commitment to energy sustainability in the region. The agreement is designed to cater to Nepal's diverse energy requirements, offering scalable solutions from 1 KW to MW levels. "This partnership with Dugar Power is a strategic

Tata Power Delhi Distribution ties with Utiltyx to ensure cyber security

Tata Power Delhi Distribution on Tuesday announced its strategic partnership with Utiltyx, the Indian arm of the US-based cyber security and data analytics software company. The partnership aims to enhance the company's preparedness against future threats and challenges related to cyber security, a company statement said. The association is aimed at augmenting IED (Intelligent Electronic Device) visibility, adding strengths to the capabilities of Tata Power-DDL to fight cyber threats and providing credible & real-time analytics for its distribution grid, thereby preparing the power distribution infrastructure for future threats and growth, the statement said. This assumes significance in view of threats of trojan malware on India's power supply system especially from some of the neighbouring nations. There have been reportedly certain instances of cyber attacks on India's power supply systems in different pockets. The company stated that this collaboration marks a significant ...

Tata Power's Tamil Nadu solar cell unit gets $425 mn from US govt agency

Investment by Development Finance Corporation will supporting India in its clean energy transition, says Tata Power

DFC approves up to $425 mn for Tata Power Renewable Energy project

The US International Development Finance Corporation has approved a financial aid of up to USD 425 million (Rs 3,521 crore) to Tata Power Renewable Energy Ltd for setting up a 4.3 GW solar cell in Tamil Nadu by its subsidiary. The plant's first module production is expected by year-end and the first cell production is expected in the first quarter of the financial year 2024-25 (FY25), Tata Power Renewable Energy Ltd (TPREL) said in a statement on Monday. "The US International Development Finance Corporation board of directors approved USD 425 million of financing in TP Solar Ltd, a subsidiary of TPREL, for its upcoming greenfield 4.3 GW solar cell and module manufacturing plant at Tirunelveli," the statement said. "We appreciate the DFC's assistance for our solar cell and module production facility in Tamil Nadu. It shows the trust and belief DFC has in Tata Power's ability to set up a state-of-the-art manufacturing supply line in the country. "This will go a long way in supporting

US DFC to invest $435 million in Tata Power's green energy subsidiary

The DFC invests in energy, healthcare, infrastructure, agriculture, and small businesses among other sectors

Power related stocks in demand; NTPC, PFC, REC, Tata Power rally up to 9%

The power sector in India, is on course for a long period of high growth and transformation which is visible in the increasing deployment of clean renewables.

Tata Power Renewable Energy to set up 26 MW captive solar project in Maha

Tata Power Renewable Energy Limited (TPREL) will set up a 26-MW captive solar plant at Ahmednagar in Maharashtra. In this regard, the company said it has already signed a power delivery agreement (PDA) with Neosym Industry Limited (Neosym) which is a leading Gray & S.G. iron casting, manufacturing company. The PDA is for 26-MW AC group captive solar plant, the Tata Power arm said. The project is anticipated to generate 59 million units of electricity annually. It is expected to start from March 2024 and reduce 32,500 tonnes of CO2 emissions annually. Ashish Khanna, CEO, Tata Power Renewable Energy Limited, said, "This partnership with Neosym marks a significant milestone in our relentless pursuit of providing clean and sustainable energy solutions to our C&I consumers. The project is a step towards enhancing renewable energy capacity and reducing carbon emissions in the country." The latest order follows a 28.12-megawatt green energy plant for Sanyo Special Steel Manufacturing