Tata Power, India’s largest integrated power company, has announced that its 100% subsidiary Tata Power Renewable Energy Ltd. (TPREL) has won a 150 MW Solar PV project on the long-term basis in Maharashtra.
TPREL has received the Letter of Award to develop the project and will sign a 25 year Power Purchase Agreement (PPA) with the Maharashtra State Electricity Distribution Co. Ltd (MSEDCL). PPA signed will be subject to the approval of the Maharashtra Electricity Regulatory Commission (MERC) with applicable tariff.
“We aim to make the country self-sufficient in energy generation and be a support to attain world leadership in this sector. TPREL is towards Tata Power group’s renewable energy portfolio and achieve 30-40% generation capacity through clean energy sources. To achieve this goal, we are evaluating clean and green energy projects which are in line with our core business value of sustainable growth & returns to the shareholders and will further enhance and increase our clean energy footprint,” said Ashish Khanna, President-Renewables, Tata Power.
This project is a part of MSEDCL’s 1000 MW grid connected solar power projects for which MSEDCL had invited bids through competitive bidding process and e-reverse auction for a period of 25 years.
“Renewables is a focus area for us and we are looking at expanding in the renewables space, especially in Solar. As we move forward, with the new technology coming in, we expect to do further improvement in the PLFs, and also in the returns in renewable business. So that’s a core area that Tata Power is looking at, and I’m sure in a very near future we will attain and maintain the leadership position,” said Praveer Sinha, CEO & Managing Director, Tata Power.
Tata Power’s vision is to have 35-40% of the Company's total generation capacity from non-fossil fuel sources by 2025. As of today, Tata Power's renewable energy capacity has crossed 2000 MW and green generation portfolio (consisting Solar, Wind, Waste Heat Recovery and Hydro) has crossed the 3400 MW mark.
In January 2018, TPREL announced the commissioning of its 50 MW DCR solar plant at Pavagada Solar Park in Karnataka. The project was won by the Company on 4th April 2016 under the National Solar Mission Phase-II Batch-II Tranche-I State Specific Bundling Scheme.
Before that, TPREL had commissioned 25 MW solar plant in Charanka, Gujarat Solar Park, Gujarat, 30 MW solar plant in Palaswade in Maharashtra and 100 MW Solar plant at Pavagada Solar park in Karnataka.