Tata Power receives 'Letter of Intent' from MAHAGENCO to supply 250 MW power in Maharashtra

TP Saurya Limited (TPSL), a wholly owned subsidiary of Tata Power, received the 'Letter of Intent' (LoI) from Maharashtra State Power Generation Co. Ltd. (MAHAGENCO) for setting up of 250 MW Grid-Connected Solar Photovoltaic Power plant in Maharashtra. The project has been awarded to TPSL through Tariff-based competitive bidding followed by e-Reverse auction.

The Company has received this LoI in a bid announced by MAHAGENCO for setting up 250 MW Solar plant at the Dondaicha Solar Park in Dhule District of Maharashtra. Maharashtra State Electricity Distribution Company Limited (MSEDCL) has conveyed consent to purchase the power generated from this solar plant.

The solar plant project will be commissioned within 15 months from the date of PPA execution.

Speaking on the achievement, Dr. Praveer Sinha, CEO & MD, Tata Power said, "We are proud to win this large scale Grid-Connected Solar Photovoltaic EPC Power project. The project will further promote the share of renewable power in the overall energy mix in Maharashtra. We are one of the leaders in solar power and committed to usher in an era of clean energy in the country."

With this, the total renewable capacity of Tata Power will reach 4611 MW with an installed capacity of 2947 MW and 1664 MW under implementation.

Shares of Tata Power Co. Ltd was last trading in BSE at Rs. 137.9 as compared to the previous close of Rs. 140.25. The total number of shares traded during the day was 2895519 in over 27535 trades.

The stock hit an intraday high of Rs. 141.45 and intraday low of 136.1. The net turnover during the day was Rs. 401116480.

Source : Equity Bulls

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