Tata Power arm wins order to set up 600 MW hybrid project

TP Saurya, a wholly owned subsidiary of Tata Power Company received the Letter of Award (LoA) from Solar Energy Corporation of India (SECI) for setting up a 600 megawatt (MW) hybrid power project in Karnataka.

The letter was awarded through tariff-based competitive bidding followed by an e-Reverse auction. The hybrid (wind and solar) power project will be commissioned within 24 months from the power purchase agreement (PPA) execution date.

With this project, the total renewables capacity of Tata Power reaches 5,524 MW, with an installed capacity of 3,634 MW and 1,890 MW under various stages of implementation.

Praveer Sinha, CEO and MD of Tata Power said, "We are enthused with the win of 600MW hybrid project for SECI as it reaffirms Tata Power's commitment to building a sustainable ecosystem for transitioning towards a greener future. Renewable hybrid projects are a game changer in India as they can generate round-the-clock power with high reliability levels to help meet country's decarbonisation goals."

Tata Power Company is one of India's largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed/managed capacity of 13,735 MW.

On a consolidated basis, Tata Power Company reported 28% rise in net profit to Rs 503.11 crore on 15.4% increase in net sales to Rs 11,959.96 crore in Q4 FY22 over Q4 FY21.

The scrip rose 0.61% to currently trade at Rs 222.20 on the BSE.

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