Tata Power renewable arm bags LoA to set up 255 MW hybrid project in Karnataka

Tata Power Company said that its subsidiary, Tata Power Renewable Energy (TPREL) has received the letter of award (LoA) from Tata Power Delhi Distribution to set up 255 megawatt (MW) hybrid (wind and solar) power project in Karnataka.

Tata Power Delhi Distribution (Tata Power-DDL) is a joint venture of Tata Power and the Government of NCT of Delhi.

The company said that the project will be commissioned within 24 months from the power purchase agreement (PPA) execution date. The letter was awarded through an e-reverse auction.

The power generated from the project will be supplied to Tata Power- DDL, which supplies electricity to a populace of over 7 million in North Delhi.  The letter indicates the current capacity bifurcation as 85 MW solar and 170 MW wind power with the green-shoe option of additional capacity of 85 MW solar and 170 MW wind, Tata Power stated in the press release.

Ashish Khanna, CEO, Tata Power Renewable Energy, said, "We are pleased to facilitate Tata Power-DDL's clean energy requirements with the 255 MW hybrid power project. We envision that this association will also encourage other Discoms in the country to enhance the share of sustainable energy in their overall energy mix and contribute towards the country's net zero emission target.

With this win, the total renewables capacity of TPREL reaches 6,048 MW with an installed capacity of 3,884 MW (solar - 2,956 MW & wind - 928 MW) and 2,164 MW under various stages of implementation.

Tata Power Company is one of India's largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed / managed capacity of 14,002 MW The company has a presence across the entire power value chain - generation of renewable as well as conventional power including hydro and thermal energy, transmission & distribution, coal & freight, logistics, and trading.

The company's consolidated net profit surged 94.32% to Rs 819.09 crore on 43.02% jump in revenue from operations to Rs 14,030 crore in Q2 FY23 over Q2 FY22.

Shares of Tata Power Company were down 0.26% to Rs 207.60 on the BSE.

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