Tata Power stock gains 3% as arm commissions floating solar projects in MP

Tata Power share price: Shares of Tata Power were buzzing in trade on Thursday, November 14, 2024, as the scrip rallied 3 per cent to hit an intraday high of Rs 411.50 per share.

 

The Tata Power stock soared after the company announced that its subsidiary, Tata Power Renewable Energy Limited (TPREL), has successfully commissioned the Omkareshwar Floating Solar Project. 

 

“With a capacity of 126 MW, this project stands as one of India’s largest floating solar installations, marking a significant milestone in the country's renewable energy journey,” Tata Power said.

 

“We are delighted to set a new benchmark with one of the largest floating solar installations in the country, showcasing how innovative engineering can address environmental challenges. This project is a powerful example of how we can harness renewable resources to drive substantial carbon reduction while optimising the use of our precious land and water resources," said Deepesh Nanda, CEO and managing director at TPREL.

 

The EPC contract worth Rs 596 crore was awarded by NHDC Limited to TPREL, Tata Power said in a statement.

 

The Omkareshwar Floating Solar Project is a landmark in sustainable energy for Madhya Pradesh. Located in Khandwa district, this project not only generates renewable power but also demonstrates advanced engineering solutions in floating solar technology, such as bifacial glass-to-glass modules, adaptive mooring systems, and the world’s largest floating inverter platform.

 

Rajeev Jain, managing director, NHDC Limited, said, “The commissioning of the Omkareshwar Floating Solar Project marks a significant milestone for NHDC Limited and our commitment to sustainable energy solutions. By partnering with Tata Power Renewable Energy Limited on this project, we have demonstrated that floating solar technology can provide clean energy while preserving vital water resources. We are excited about the potential this project holds for future renewable energy developments in India.” 

 

The installation's 213,460 bifacial solar modules produce 204,580 MWh annually, offsetting around 173,893 tonnes of CO₂ emissions and reducing the evaporation of 32.5 million cubic metres of water. 

 

Given its unique placement between the Indirasagar and Omkareshwar reservoirs, the project overcomes complex environmental conditions like water level fluctuations and high winds, setting a global benchmark in the floating solar sector by covering a vast 260 hectares of water surface.

 

Now, TPREL’s total renewable energy capacity stands at 10.9 GW with 5.6 GW of projects in various stages of implementation. Its operational capacity has reached 5.3GW, comprising 4.3 GW of solar and 1 GW of wind energy projects.

 

At 10:41 AM, Tata Power share was trading 2.64 per cent higher at Rs 409.60 per share. In comparison, BSE Sensex was trading 0.02 per cent higher at 77,706.59 levels.