Tata Power Arm Secures 400 MW Wind-Solar Hybrid Project in Maharashtra

19 Sep 2024 , 10:28 AM

Tata Power Renewable Energy Ltd (TPREL), a subsidiary of Tata Power, has secured a 400 MW wind-solar hybrid project in Maharashtra.

The Letter of Award (LoA) was issued by Maharashtra State Electricity Distribution Company Limited (MSEDCL).

At the time of writing on September 19, 2024, at 10:27 am, Tata Power Renewable Energy Ltd (TPREL) stock is trading at ₹441.40, reflecting a 0.18% gain from the previous closing price. Over the past year, Tata Power Renewable Energy Ltd (TPREL) stock has risen by an impressive 68%, and it has gained 33% since the beginning of the current year.

The project includes an initial capacity of 200 MW with an option to expand by another 200 MW, making it the largest renewable energy project for TPREL in Maharashtra.

The project is part of MSEDCL’s strategy to meet the state’s Renewable Purchase Obligation (RPO) and future power requirements at competitive rates. The LoA was awarded following a competitive bidding process through an electronic reverse auction platform.

Expected completion is within 24 months of signing the Power Purchase Agreement (PPA) between TPREL and MSEDCL.

The project is projected to reduce carbon emissions by approximately 895 million kilograms of CO2 annually. The electricity generated will be supplied to MSEDCL, combining solar and wind energy to maximize efficiency. This project will also utilize local land resources, promoting regional development.

With this award, TPREL’s total renewable energy capacity reaches 10.5 GW, of which 4.8 GW is operational, including 3.8 GW from solar and 1 GW from wind energy projects.