Tata Power gains after unit bags 300 MW solar project from NHPC

Tata Power Company rose 1.32% to Rs 225.80 after the company said its wholly owned subsidiary, Tata Power Solar, bagged a 300 MW solar project worth Rs 1731 crore from NHPC.

The project site, located in Rajasthan, will be developed under the Central Public Sector Undertaking (CPSU) Scheme of Indian Renewable Energy Development Agency (IREDA).

The project will be completed within 18 months and it aims to reduce around 6,36,960 carbon emissions. It is expected to generate approximately 750 million units annually. Cells and modules made in India would be used in the project installation, the company said in a statement.

Tata Power Solar is one of India's largest integrated solar companies. With this win, the company's pending order book reaches Rs 13,500 crore and the total utility-scale solar project portfolio touches 9.7GWp.

Tata Power is one of India's largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed/managed capacity of 13,635 MW. The company has a presence across the entire power value chain - generation (renewable, hydro and thermal power), transmission & distribution, coal & freight, logistic, trading and consumer-facing solar rooftop and electric vehicle charging businesses.

On a consolidated basis, Tata Power Company reported 28% rise in net profit to Rs 503.11 crore on 15.4% increase in net sales to Rs 11,959.96 crore in Q4 FY22 over Q4 FY21.

NHPC is the largest organization for hydropower development in India. It has also diversified in the field of solar & wind power. As of 31 March 2022, the Government of India held 70.95%.

Shares of NHPC rose 1.92% to Rs 31.80 on the BSE.

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