Tata Power climbs after unit gets LoA for GSECL project

Tata Power Company gained 1.12% to Rs 76.80 after the company's wholly-owned subsidiary, Tata Power Solar, received a Letter of Award (LoA) to build 95 MW of ground mounted Solar PV project for GSECL.

The order value of the project is approximately Rs 460 crore ($63 Million). The commercial operation date for this project is set for April 2022.

With this addition, the order pipeline of Tata Power Solar Systems (TPSSL) stands at approximately 4.2 GWp with an approximate value of Rs 12,500 crore, thereby cementing its position as India's leading Solar EPC player. The company specialises in providing comprehensive EPC solutions and also manufactures high efficiency PV modules.

Speaking on the achievement, Praveer Sinha, CEO & MD of Tata Power said, We are glad to announce this new win of large grid-based solar EPC contract from GSECL, a leading public sector undertaking. We have been progressively growing our portfolio to be the partner of choice for grid scale solar projects. These orders are a motivation for us to continue focusing on delivering the best to our customers and live up to their expectations.

Tata Power is India's largest integrated power company. On a consolidated basis, the power utility's net profit rose 5.7% to Rs 370.93 crore on 8% increase in net sales to Rs 8,289.81 crore in Q2 September 2020 over Q2 September 2019.

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