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TNS STOCKS: Tata's renewable energy wing ink PPA with Delhi Govt JV for hybrid proj

MUMBAI, MAR 13 (TickerNews Service): Tata Power Renewable Energy Ltd (TPREL), a subsidiary of Tata Power Company Ltd entered into a Power Purchase Agreement (PPA) with Tata Power Delhi Distribution Ltd for a 510 MW hybrid project.
   Tata Power Delhi Distribution Ltd is a joint venture of Tata Power Company Ltd and the Delhi Government.
   The project located in Karnataka will be commissioned within 24 months from the PPA execution date. The unit has the capacity bifurcation stands at 170 MW solar and 340 MW wind power. 
   The renewable energy arm of the salt-to-software conglomerate secured the contract via competitive bidding process, and procurement of Letter of Award (LoA). This contract is an extension of an already received 225 MW deal in December 2022, as stated in the exchange filing, Monday.
   The arrangement will save on an average of 1540 MUs of carbon dioxide emissions annually for Tata Power-Delhi Government's joint venture. The collaborative venture supplies electricity to over 7 million populations in North Delhi.
   Ganesh Srinivasan, CEO, Tata Power Delhi Distribution Limited, said, "Aligned with the nation's renewable energy mission, we are pleased to join hands with Tata Power Renewable Energy Limited for our biggest hybrid energy tie-up. We are confident that this association will strengthen our commitment towards significantly enhancing the portion of sustainable energy in the overall supply mix."
  Meanwhile on securing the deal, Ashish Khanna, CEO, Tata Power Renewable Energy Limited, said, "Tata Power Renewable has signed one of the largest PPAs in the country for a 510 MW hybrid project, via competitive bidding, showcasing our future readiness and expertise in project execution skills. This partnership is significant in our quest to continue our journey as one of the torchbearers of the green and clean energy transition."
   After bagging the contract, the total renewables capacity of TPREL reaches 6303 MW with an installed capacity of 3909 MW with Solar amounting to 2981 MW & Wind at 928 MW and 2394 MW under various stages of implementation.

   At 12:20AM, Tata Power Company Ltd traded 1.17% down at Rs 206.30 on the National Stock Exchange Monday.

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