Tata Power on Wednesday (14 October) announced that it will develop 100 megawatts solar project at Dholera Solar Park in Gujarat.The integrated power firm has received letter of award (LoA) from Gujarat Urja Vikas Nigam (GUVNL) for the proposed solar project. The energy will be supplied to GUVNL under a power purchase agreement (PPA), valid for a period of 25 years from scheduled commercial operation date. The project has to be commissioned within 15 months from the date of execution of the PPA.
With this award, the cumulative capacity under development in Gujarat would be 620 MW out of which 400 MW will be in Dholera Solar Park. The plant is expected to generate about 246 million units of energy per year and will annually offset approximately 246 million kilograms of carbon dioxide. Tata Power's renewable capacity will increase to 3936 MW, out of which 2637 MW is already operational and 1299 MW is under implementation including 100 MW won under this LoA.
Shares of Tata Power were down 2.78% at Rs 52.55. The scrip traded in the range of Rs 52.25 to Rs 54.4 so far during the day.
Tata Power's consolidated net profit jumped 10.3% to Rs 268.10 crore on 16.9% fall in net sales to Rs 6,452.99 crore in Q1 June 2020 over Q1 June 2019.
Tata Power is India's largest integrated power company and, together with its subsidiaries & jointly controlled entities, has an installed/ managed capacity of 12,742 MW.
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