Tata Power's TP Saurya to set up 600 MW Hybrid Project for SECI at Karnataka; stock adds ~1%

14 Jul 2022 , 09:19 AM

TP Saurya Limited (TPSL), a wholly owned subsidiary of Tata Power Company Limited, has received a ‘Letter of Award’ (LoA) from Solar Energy Corporation of India (SECI) for the establishment of a 600 MW hybrid (wind and solar) power project in Karnataka.

Tariff-based competitive bidding was used to award the letter, which was then followed by an e-Reverse auction. The project will be completed within 24 months of the execution date of the PPA.

Dr. Praveer Sinha, CEO & MD of Tata Power, commented on the project win, saying, “We are ecstatic with the win of the 600 MW hybrid project for SECI because it reaffirms Tata Power’s commitment to building a sustainable ecosystem for transitioning to a greener future.

Renewable hybrid projects are a game changer in India because they can generate power around the clock with high reliability, assisting the country in meeting its decarbonization goals.”

Tata Power’s total renewable capacity now stands at 5,524 MW, with 3,634 MW installed and 1,890 MW in various stages of implementation.

At around 9.24 AM, Tata Power Company was trading at Rs222.20 up by Rs1.35 or 0.61% from its previous closing of Rs220.85 on the BSE. The scrip opened at Rs223 and has touched intraday high and low of Rs223.25 and Rs221.70 respectively.