Tata Power Renewable Energy (TPREL) has secured a letter of award (LoA) from Maharashtra State Electricity Distribution Company (MSEDCL) for the development of a 400 MW wind-solar hybrid project in Maharashtra.
Tata Power Renewable Energy is a wholly owned subsidiary of Tata Power Company.
The LoA includes an original contracted capacity of 200 MW, along with a greenshoe option for an additional contracted capacity of 200 MW, making this the largest renewable energy project in state of Maharashtra till date for TPREL, the company said in regulatory filing.
The project is part of MSEDCL’s broader initiative to meet the state’s renewable purchase obligation (RPO) and address future power demands at competitive tariff.
The electricity generated by the hybrid project, which combines solar and wind energy, will be supplied to MSEDCL, aiding the utility company in meeting its energy needs sustainably and enhancing Maharashtras renewable energy portfolio.
The project is expected to be completed within 24 months from signing of the Power Purchase Agreement (PPA) between TPREL and MSEDCL and will play a crucial role in cutting carbon emissions, with an estimated reduction of 895 million kilograms of CO2 annually.
With this achievement, TPRELs total renewable energy capacity now stands at 10.5 GW with 5.7 GW of projects in various stages of implementation. Its operational capacity has reached 4.8 GW, comprising 3.8 GW of solar and 1 GW of wind energy projects.
Tata Power Company is one of India’s largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed / managed capacity of 14,453 MW. The company has a presence across the entire power value chain – generation of renewable as well as conventional power including hydro and thermal energy, transmission & distribution, coal & freight, logistics, and trading.
The companys consolidated net profit decreased marginally to Rs 970.91 crore in Q1 FY25 as compared with Rs 972.49 crore in Q1 FY24.Revenue from operations grew 13.67% to Rs 17,293.62 crore during the first quarter as compared with Rs 15,213.29 crore in the corresponding quarter last year.
Shares of Tata Power added 0.11% to Rs 445.55 on the BSE.
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First Published: Sep 18 2024 | 3:47 PM IST
