Tata Power gains as green energy arm inks 12.5-MW captive solar plant deal

The plant will be set up at Aachegaon in Maharashtra and will generate 27.5 million units (MUs) of electricity every year.

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Shares of Tata Power gained 1.6 percent in early trade on October 17 after its subsidiary Tata Power Renewable Energy Limited (TPREL) signed a power delivery agreement (PDA) with Endurance Technologies through a special purpose vehicle (SPV), TP Green Nature Limited, for the development of a 12.5MW AC captive solar plant.

At 9:29am, Tata Power was quoting Rs 258.95, up Rs 4.10, or 1.61 percent, on the BSE.

The plant will be set up at Aachegaon in Maharashtra to generate 27.5 million units (MUs) of electricity every year. The project is expected to be completed within 12 months of the signing of the PDA.

“Our partnership with Endurance Technologies to set up a captive solar plant will support them in adopting sustainable energy solutions. At TPREL, we are dedicated to supporting energy-intensive businesses across multiple industries to actively adopt green energy solutions and advance the nation’s energy transition journey,” said Ashish Khanna, CEO of TPREL.

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With this proposed captive solar power plant, the overall renewable energy portfolio of TPREL reaches a total capacity of 7,889 MW. This includes 3,701 MW of projects in various stages of implementation.

The company’s operational capacity currently stands at 4,188 MW comprising 3,185 MW of solar and 1,003 MW of wind energy.

TPREL and Endurance Technologies Limited have experienced a fruitful partnership with a 12.5 MW captive solar power plant in Akkalkot, Maharashtra.

In September, TPREL had signed a power delivery agreement with Xpro India, through a special purpose vehicle (SPV), for the development of a 3.125 MW AC group captive solar plant.