Shares of Tata Power continued to make gains for the second straight session going up over 1.5% to hit an intraday high of ₹275 — close to its 52-week high of ₹276.50.

What Happened: Tata Power Renewable Energy Limited (TPREL), a wholly-owned subsidiary of The Tata Power Company Limited, has bagged a critical 200 megawatts Firm and Dispatchable Renewable Energy (FDRE) project with SJVN Limited.

This is TPREL’s maiden FDRE power tender win. The project, secured through competitive bidding, is slated for commissioning within 24 months from the Power Purchase Agreement (PPA) execution date and aims to offset about 9 lakh metric tonnes of CO2 emissions each year.

See Also: How To Check Tata Technologies IPO Allotment Status

The venture will feature a hybrid blend of solar, wind, and battery storage to fulfil the 200 megawatts FDRE demand, ensuring the energy generated is dispatched during peak hours, and providing stability to the grid.

With the successful bid, TPREL’s total renewables capacity soars to 8,314 megawatts, encompassing 4,100 megawatts of projects under development and an operating capacity of 4,214 megawatts.

Earlier this month, the Tata Group company posted results for the September quarter. The energy giant recorded a growth of 8.79% in consolidated net profit at ₹1,017.41 crore.

Price Action: Tata Power’s share price was trading 0.63% higher at ₹272.50 as the markets opened on Wednesday.

Read Next: Adani Total Gas’ Ambitious Green Hydrogen Blending Project Takes Off In Gujarat