Tata Power‘s share price continued to make gains for the third straight as the company announced bagging a massive contract of setting up a 966 megawatt solar-wind hybrid plant.
What Happened: The Tata Group company on Thursday announced that its renewable energy arm Tata Power Renewable Energy ,through its subsidiary TP Vardhaman Surya Limited, received a Letter of Award’ from Tata Steel.
Tata Power added that this project will fulfil a significant part of Tata Steel's green energy requirements in India, saving 23.9 lakh tons of CO2 emissions annually. Tata Steel will invest 26% equity in the said project. The project will be commissioned by 1st June 2025 as per the arrangement.
See Also: Tata Motors Continue Dream Run: Here’s What Global Analysts Want You To Do
With this contract, the total renewables capacity of TPREL reaches 7,756 megawatt with an installed capacity of 4,059 megawatt (Solar – 3,107 megawatt & Wind – 952 megawatt). The company also has 3,697 megawatt of projects under various stages of implementation.
Tata Power’s share price has shown a strong recovery in the past few months, after the stock got off to a dismal start this year.
Price Action: Tata Power’s share price was up 0.97% to trade at ₹222.80 as the markets opened on Friday.
Do Not Miss: When Will Tata Power Share Price Go Up?
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.