Tata Power bags rooftop solar project worth Rs 400 cr

Tata Power has won a contract worth Rs 400 crore from the Kerala State Electricity Board (KSEBL) on 2 July 2021 to develop 64 MW solar rooftop project for domestic consumers across all districts of Kerala.

As a part of this agreement, the company will implement projects through KSEBL of 80 MW for individual households with solar capacity ranging from 3kW -10kW) and for 20 MW of residential/housing society with projects (solar capacity ranging from 11kW -100kW).

The company has won this capacity in a bid announced by KSEBL in Feb 2021 under the 'Soura Subsidy Scheme in Domestic Sector', Kerala, in line with the Phase II Subsidy Programme of the Ministry of New & Renewable Energy. The project has to be commissioned within three months of receipt of an order from individual residential customers. Besides rooftop, the company had earlier received a Letter of Award from KSEBL on 6 January 2021 to develop a 110 MW solar project which is expected to generate about 274 MUs of energy per year.

Upon completion of this 84MW of solar rooftop project, it is expected to generate 120 MUs of energy per year and will annually offset approximately 100 Million Kg of CO2.

Commenting on the same, Dr Praveer Sinha, the chief executive officer (CEO) and managing director (MD) of Tata Power Company, said: "We are delighted to secure the 84 MW rooftop project from KSEBL and are proud to have this opportunity to support domestic consumers migrate to Green Energy. This project is testament to KSEBL's trust in our commitment to drive India's transition towards Clean Power through rooftop solar- based generation."

On a consolidated basis, Tata Power Company reported 1.4% rise in net profit to Rs 481.21 crore in Q4 FY21 from Rs 474.70 crore in Q4 FY20. Net sales in Q4 FY21 stood at Rs 10,127.39 crore, up by 53% from Rs 6,620.80 crore in the corresponding quarter last year.

Tata Power Company is India's largest integrated power company and, together with its subsidiaries & jointly controlled entities, has an installed/managed capacity of 12,808 MW.

Shares of Tata Power added 0.81% to Rs 124.35 on BSE. The stock traded in the range of Rs 121.80 to Rs 124.65 so far.

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