Why Tata Power Shares Are Up Today

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.

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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.

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