Why Tata Power Shares Are Rising Today

Tata Power’s share price was up over 1% in early trade on Tuesday as the company announced signing a power delivery agreement with the Anand Group.

What Happened: The Tata Group company’s renewable energy arm, Tata Power Renewable Energy, on Tuesday signed a group captive power delivery agreement (PDA) for 4.4 megawatts alternating current with the automobile systems and parts major.

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Under this agreement, TPREL will facilitate the generation of 10 million units of clean energy through renewable sources. As per the company, the project is expected to eliminate 5,500 tonnes of carbon emissions annually. Previously, Tata Power and the ANAND Group collaborated for a 10.1-megawatt Solar photovoltaic park power project, located in Maharashtra, India.

With this addition, the total renewables capacity of the energy major reaches 7,787 megawatts including 3,655 megawatt projects under various stages of implementation and its operational capacity is 4,132 megawatts, which includes 3,139 megawatt solar and 993 megawatt wind.

Price Action: Tata Power’s share price was up 0.90% to trade at ₹247.15 in the early hours of trading on Tuesday.

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