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Tata Power bags LoA from GUVNL

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Tata Power will develop 50 megawatts at Dholera Solar Park in Gujarat.

Tata Power announced after trading hours on Monday, 11 November 2019, that its wholly owned subsidiary, Tata Power Renewable Energy (TPREL), has received a Letter of Award (LoA) from Gujarat Urja Vikas Nigam (GUVNL) on 7 November 2019 to develop a 50 megawatts (MW) solar project in Dholera Solar Park in Gujarat. This LoA is in addition to the 250 MW solar project being set up by the company at Dholera Solar Park.

The energy will be supplied to GUVNL under a power purchase agreements (PPA), valid for a period of 25 years from scheduled commercial operation date. The company has won this capacity in a bid announced by GUVNL in June 2019. The project has to be commissioned within 15 months from the date of execution of the PPA.

The plant is expected to generate 118 MUs of energy per year and will annually offset approximately 118 million kg of Co2.

Shares of Tata Power declined 3.70% to close at Rs 57.30 on Monday, 11 November 2019.

BSE, NSE are shut today, 12 November 2019, on account of Guru Nanak Jayanti

Tata Power's consolidated net profit tumbled 19.5% to Rs 270.17 crore on 4.4% rise in net sales to Rs 7,677.82 crore in Q2 September 2019 over Q2 September 2018.

Tata Power is India's largest integrated power company and, together with its subsidiaries & jointly controlled entities, has an installed capacity of 11,264 MW.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 12 2019. 13:10 IST