Tata Power Co. Ltd. on Friday announced that its subsidiary Tata Power Renewable Energy Ltd., which is one of the major renewable energy players in the country, has signed a power purchase agreement (PPA) with Tata Power Delhi Distribution Ltd. (Tata Power-DDL) for a 510 megawatt (MW) hybrid project.

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Tata Power Renewable Energy said that this was one of the largest hybrid projects in the country and will be commissioned within 24 months from the PPA execution date.

The company said that it has won the project through a competitive bidding process, followed by the release of a letter of award (LoA) by Tata Power-DDL. Notably, this win is an extension of the earlier LoA that the company had received from Tata Power-DDL in December 2022.

With this win, the total renewables capacity of Tata Power Renewable Energy reaches 6,303 MW with an installed capacity of 3,909 MW and 2,394 MW under various stages of implementation.

On December 29, Tata Power Renewable Energy said that it had received an order to set up a 255 MW hybrid power project in Karnataka.

Giving more details about the new PPA, Tata Power Renewable Energy said that it has the capacity bifurcation of 170 MW solar and 340 MW wind power. The company added that the project will save an average of 1,540 MUs of carbon dioxide (CO2) emissions annually for Tata Power-DDL.

Notably, Tata Power-DDL is a joint venture between Tata Power and the Delhi government that supplies electricity to a populace of over 7 million in North Delhi.

Shares of Tata Power ended 0.52 percent lower at Rs 208.65 on Friday.

(Edited by : Rukmani Krishna)