Tata Power Company jumped 4.13% to Rs 104.55 after the company's subsidiary TP Saurya signed a power purchase agreement with Tata Steel (TSL) to develop a 15 MW solar project at Jamshedpur, Jharkhand.
The energy will be supplied to TSL under a power purchase agreement (PPA) valid for a period of 25 years from scheduled commercial operation date. The project is required to be commissioned within six months from the date of execution of the PPA.
Dr. Praveer Sinha, CEO & MD, Tata Power, said, "We are glad to collaborate with Tata Steel to reduce their carbon footprint and reaffirm the Tata Group's commitment for sustainability. Presently the association is limited to Tata Steel at Jamshedpur and we look forward to working closely with them for covering all their other plants across India."
The plant is expected to generate an average of 32 MUs of energy per year and will annually offset approximately average 25.8 Million Kg of CO2.
Tata Power's renewable capacity will increase to 4,047 MW, out of which 2,687 MW is operational and 1,360 MW is under implementation including 15 MW won under this PPA.
Tata Power is India's largest integrated power company. It reported 28.4% rise in consolidated net profit to Rs 248.21 crore on 7.5% increase in net sales to Rs 7597.91 crore in Q3 FY21 over Q3 FY20.
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