Tata Power’s Subsidiary Signs PDA For 26 MW AC Group Captive Solar Plant, Shares Jump

The shares of Tata Power Ltd. on Tuesday opened in green after the company on Monday in a press release informed that its subsidiary Tata Power Renewable Energy Limited (TPREL) signed a power delivery agreement (PDA) with Neosym Industry Limited (Neosym) for 26 MW AC Group Captive Solar plant.

The project, located at Jamkhed, Ahmednagar in Maharashtra, with an anticipated electricity generation capacity of 59 million units annually, will start from March 2024, Tata Power said in the press release.

The plant is expected to reduce 32,500 tonnes of CO2 emissions annually. This substantial reduction in greenhouse gas emissions aligns with India's commitment to combat climate change, Tata Power said.

According to Tata Power, the plant is expected to reduce ~ 32,500 tonnes of CO2 emissions annually. This substantial reduction in greenhouse gas emissions aligns with India's commitment to combat climate change and underscores TPREL and Neosym's joint commitment to environmental stewardship.

Mr. Ashish Khanna, CEO, Tata Power Renewable Energy Limited, said, "This partnership with Neosym marks a significant milestone in our relentless pursuit of providing clean and sustainable energy solutions to our C&I consumers. The Jamkhed project is a step towards enhancing renewable energy capacity and reducing carbon emissions in the country."

Mr. Vinay Mohta GM Commercial, Neosym Industry Ltd, stated, "Our partnership with Tata Power Renewable Energy Limited indicates a ground-breaking association in our unwavering journey towards clean and sustainable energy solutions. Our project serves as an authentication of our dedication to diminish our carbon footprint and actively contribute to India's green energy revolution."

TPREL is supporting several C&I consumers across the industrial spectrum viz Steel, Automotive, Polymer, Hospitality, Retail, Realty, et al to harness the power of renewable energy for sustainable operations. The total renewables capacity of TPREL stands at 7,821 MW including 3,689 MW projects under various stages of implementation. The company's operational capacity is 4,132 MW, which includes 3,139 MW solar and 993 MW wind.

Recently TPREL signed three Power Delivery Agreements (PDA) with two companies.

With Chalet Hotels, TPREL signed a power delivery agreement (PDA) for a captive project with a 6 MW AC capacity.

For a captive solar facility with an AC capacity of 28.125 megawatts, the company has signed a PDA with Sanyo Special Steel Manufacturing India Private Limited.

With the ANAND group, the company has also entered into a captive power delivery agreement (PDA) for 4.4 MW AC.

The shares of Tata Power on the BSE is currently trading at Rs 261.60 per share, up 0.95% from its previous close of Rs 259.15 per share. The shares jumped 5.21% in the past 1 week, while in 1 year, it jumped 10.92%. In 3 years, it gained 71.33%, while in 5 years, it gained 72.86%.