Shares of Tata Power were trading almost flat on Thursday even after the company won a solar power contract in Maharashtra.
What Happened: Tata Power Renewable Energy Limited (TPREL) is set to construct a 28.125-megawatt solar plant in Aachegaon, Solapur district, Maharashtra, as part of a captive solar plant project for Sanyo Special Steel Manufacturing India.
The solar plant is expected to generate an annual electricity output of 61.875 million units, fulfilling the power requirements of Sanyo’s steel manufacturing unit.
The Aachegaon facility, with an overall capacity of 120-megawatt peak alternating current, is scheduled to commence operations by March 2024.
Smaller Carbon Footprint: Tata Power’s project is intended to reduce approximately 42,534 tonnes of annual carbon dioxide emissions, supporting Sanyo’s commitment to green initiatives and the production of environmentally friendly steel.
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TPREL had recently secured a letter of award for a substantial 966-megawatt round-the-clock hybrid project, marking one of the largest such industrial power purchase agreements in India. With the inclusion of this new project, TPREL’s total renewables capacity now stands at 7,815 megawatts, comprising 3,683 megawatts across various implementation stages and an operational capacity of 4,132 megawatts, encompassing 3,139 megawatts of solar and 993 megawatts of wind energy.
Price Action: Tata Power’s share price was trading. 0.081% lower at ₹247.15 in early trade on Thursday.
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