Tata Power's renewables arm bags LoA for 150 MW solar project in Maharashtra

Tata Power Company said that its subsidiary Tata Power Renewable Energy has received a letter of award to set up a 150 MW solar project in Solapur, Maharashtra, from Maharashtra State Electricity Distribution Corporation.

The letter of award (LoA) was won through tariff-based competitive bidding followed by an e-reverse auction.

The company said that the project will be commissioned within 18 months from the purchasing power agreement (PPA) execution date.

Ashish Khanna, CEO, Tata Power Renewable Energy, said, We feel honoured to receive the LoA from MSEDCL for the 150MW solar project. The award is in line with our commitment to create a sustainable ecosystem for transitioning towards a greener future and affirms our potential to deliver world-class solar projects.

With this, the total renewables capacity of Tata Power Renewable Energy has reached 5,786 MW, with an installed capacity of 3,877 MW (Solar - 2,949 MW & Wind - 928 MW) and 1,909 MW under various stages of implementation.

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 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.

The scrip shed 0.54% to currently trade at Rs 230.15 on the BSE.

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