Tata Power on Thursday received a Letter of Award from Kerala State Electricity Board Limited (KSEBL) of Rs 488 crore to develop a 110 MW solar project.
It has won this project in a bid announced by KSEBL in September 2020.
The project has to be commissioned within 18 months from the date of executing the power purchase agreement.
Contract Tenure
The energy will be supplied to KSEBL under a power purchase agreement valid for a period of 25 years from the scheduled commercial operation date.
Power Generation
The company said to believe that it’s plant is expected to generate about 274 million units of energy per year and will annually offset about 274 million kg of CO2.
Renewal capacity
The renewable capacity of the company will increase to 4,032 MW out of which 2,667 MW is operational and remaining 1,365 MW will be under implementation (including 110 MW won under this letter of award).
Comment from CEO
Praveer Sinha, CEO & MD, “We are proud to announce that we have been awarded 110 MW Solar Project by KSEBL, and are thankful to the Government of Kerala and the officials at KSEBL for this opportunity.
We are delighted to contribute towards the realisation of our country’s commitment towards clean and green energy through solar power generation”. —IIFL
Stock Market Impact
Tata Power falls despite bagging order for the above project
On BSE, Tata Power finished at Rs81.85 per piece which is low by 0.73%.
However, the stock of Tata Power today jumped 1.39 per cent and made an intraday high of Rs 83.60 per share.
Company’s Financial
The company reported a net profit of Rs 175.07 crore in Q2FY21, an increase of 18.27 per cent.
It had reported a profit of Rs 148.02 crore in Q2FY20.
The company reported net sales of Rs 8,289.81 crore for Q2FY21, an increase of 7.97 per cent as against the net sales of Rs 7,677.82 crore for Q2FY20.
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