Tata Power shares hit 52-week high as renewable arm signs more power supply pacts

Earlier, on September 2, Tata Power Renewable Energy Limited had signed a PDA for a captive project for 6 MW AC with Chalet Hotels.

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Tata Power‘s share price rose nearly a percent to hit a new 52-week high of Rs 262.50 in the early trade on September 5, as the company said its renewable power arm has signed a Power Delivery Agreement (PDA) with Neosym Industry.

Tata Power Renewable Energy Limited (TPREL) will supply power to Neosym Industry — a Gray & S.G. Iron casting, manufacturing company — from a 26 MW AC Group Captive Solar plant. The project, located at Jamkhed, Ahmednagar in Maharashtra with an anticipated electricity generation capacity of 59 million units annually, will start from March 2024.

Tata Power’s stock had jumped over 5% in the last five trading sessions on September 4, hitting a 52-week high of Rs 262.3 on Monday, after a similar captive power plant announcement.

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Earlier, on September 2, Tata Power’s renewable arm signed a PDA for a captive project for 6 MW AC with Chalet Hotels.

Also Read: Tata Power hits 52-week high as arm signs agreement with Chalet Hotels

In August, the arm signed a group PDA for a 4.4-MW AC with global automotive systems and parts industry leader ANAND Group, and signed a power purchase agreement for a 9MWp on-campus solar plant with Tata Motors Limited at the Pantnagar plant in Uttarakhand.

TPREL is a developer of renewable energy projects (including solar, wind, hybrid, round-the-clock (RTC), peak, floating solar, and storage systems including battery storage) that it owns, operates, and maintains.

It also offers comprehensive green energy solutions, for rural and urban areas, like turnkey, EPC, and O&M solutions for various business segments such as utility-scale projects, solar rooftop, and solar pump systems.