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Tata Power Renewable Energy Ltd., a subsidiary of Tata Power has received a Letter of Award (LoA) to set up a 150-megawatt solar project in Maharashtra.

The subsidiary received the LoA from the Maharashtra State Electricity Distribution Corporation Ltd. (MSDCL) to set up the project in Solapur.

A tariff-based competitive bidding followed by an e-reverse auction culminated into the awarding of the LoA. The project will be commissioned within 18 months from the execution of the Power Purchase Agreement (PPA).

With this LoA, the total renewables capacity of the subsidiary has reached 5,786 megawatt with an installed capacity of 3,877 megawatt. Within the installed capacity, 2,949 megawatt belongs to solar while the rest belongs to the wind segment.

Capacity worth 1,909 megawatt is under various stages of implementation.

Last month, Tata Power reported a 85 percent jump in its net profit for the September quarter, marking the 12th straight quarter of growth in the company's bottom-line. Consolidated revenue also increased 43 percent from last year.

Following the earnings release, brokerage firm HDFC Securities upgraded its rating on the Tata Power stock to ‘Add’ from ‘Reduce’, while revising its target price to Rs 243 from Rs 232 earlier.

Shares of Tata Power are trading 0.6 percent higher at Rs 232.80.

Also Read: CERC order on Mundra plant likely in 4-6 weeks: Praveer Sinha of Tata Power

First Published:Nov 10, 2022 9:49 AM IST