Tata Power receives LoA for 300 MW hybrid power project from MSEDCL

Tata Power Company said that its wholly owned subsidiary TP Saurya (TSPL) received the letter of award (LoA) from Maharashtra State Electricity Distribution Company (MSEDCL) for setting up of 300 MW hybrid power capacity.

This project has been awarded through tariff-based competitive bidding followed by e-reverse auction.

The company has received this letter of award (LoA) in a bid announced by MSEDCL. The project will be commissioned within 18 months from the date of PPA execution.

Dr. Praveer Sinha, CEO & MD, Tata Power said, It is a proud moment for Tata Power to win this large scale hybrid (wind & solar) power generation project. This will further promote the share of renewable power in the overall energy mix thus strengthening our position as the market leader in the renewable space."

With this, the total renewable capacity of Tata Power will reach 4907MW with an installed capacity of 2953MW and 1954MW under implementation.

The Tata Power Company (TPC) is one of the largest private-sector power utilities in India, with an installed generation capacity of 13,068 megawatts as of September 2021. The company's business operations include power generation from thermal, hydro, solar and wind sources, transmission and distribution. The company also owns coal mines in Indonesia and a license for coal mining in Russia.

The company's consolidated net profit surged 36% to Rs 506 crore in Q2 FY22 from Rs 370.93 crore posted in Q2 FY21. Consolidated revenue rose 13% year on year to Rs 9,502 crore.

The scrip fell 2.15% to currently trade at Rs 223 on the BSE.

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