Tata Power to develop 60 MW solar project in Gujarat

The power utility on Tuesday announced that it has received a letter of award (LoA) from Gujarat Urja Vikas Nigam to develop a 60 MW solar project in the state.

The energy will be supplied to Gujarat Urja Vikas Nigam (GUVNL) under a Power Purchase Agreement (PPA), valid for a period of 25 years from scheduled commercial operation date. Tata Power said it has won this capacity in a bid announced by GUVNL in January 2021. The project has to be commissioned within 18 months from the date of execution of the PPA. The plant is expected to generate about 156 MUs of energy per year and will annually offset approximately 156 million Kg of CO2.

Speaking on the achievement, Dr. Praveer Sinha, CEO & MD of Tata Power said, "We are proud to announce that we have been awarded 60 MW Solar Project in Gujarat, and are thankful to the Government of Gujarat and the officials at GUVNL for this opportunity. With this award the cumulative capacity under development in Gujarat would be 580 MW. We are delighted to contribute towards the realisation of our country's commitment towards clean and green energy through solar power generation."

Tata Power's renewable capacity will increase to 4,007 MW, out of which 2,687 MW is operational and 1,320 MW is under implementation including 60 MW won under this PPA.

Shares of Tata Power were up 0.87% at Rs 104.35 on BSE.

Tata Power is India's largest integrated power company. It reported 22.4% rise in consolidated net profit to Rs 318.41 crore on 7.5% increase in net sales to Rs 7,597.91 crore in Q3 FY21 over Q3 FY20.

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