Tata Power’s share price jumped nearly 1% in early trading August 21 after its subsidiary Tata Power Renewable Energy Limited (TPREL) signed a power purchase agreement (PPA) for a 9 solar power plant. MWp on site with Tata Motors Limited Pantnagar factory in Uttarakhand. .
The solar plant will be the largest on-campus solar plant in the state, the company said. The project will be commissioned within six months from the date of PPA implementation and will use both rooftop and ground-mounted equipment for installation. In the previous partnership, TPREL and Tata Motors successfully implemented a 7 MWp solar project at the Pantnagar production facility. As a result, the total solar capacity of Tata Motors’ Pantnagar plant currently stands at 16 MWp.
Solar plants will generate 224 lakh units per year, meeting nearly 60% of their annual needs. According to Tata Power, TPREL’s total renewable energy capacity is expected to reach 7,783 MW, with 3,651 MW of projects currently in various stages of development. According to the company, its current operating capacity is 4,132 MW, including 993 MW from various sources and 3,139 MW from solar.
Tata Power posted a 29% increase in consolidated net profit for the June quarter to Rs 1,140.97 crore and a 1.5% increase in revenue to Rs 14,982.55.
At 9:45 am, Tata Power Company was trading at Rs 241.25, up Rs 1.90, or 0.79% on BSE.
The stock hit a 52-week high of Rs 251.00 and a 52-week low of Rs 182.45 on September 7, 2022 and March 28, 2023, respectively. The stock is trading 3.88% below its 52-week high and 32.23% above its 52-week low.
