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.
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.
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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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