Tata Power Shares Jumps After Subsidiary Signs PDA For 4.4-MW AC With ANAND Group

Tata Power shares in early trade jumped nearly 2% after its subsidiary Tata Power Renewable Energy and the ANAND Group joined forces to generate 10 million units of clean energy annually. This collaboration aims to eliminate 5500 tonnes of carbon emissions, the company said.

Tata Power Renewable Energy Limited (TPREL), a leading renewable energy company in India and a subsidiary of Tata Power, signed a Group Captive Power Delivery Agreement (PDA) for 4.4 MW AC with the ANAND Group, a global automotive systems and parts industry leader.

Under this agreement, TPREL will facilitate the generation of 10 million units of clean energy through renewable sources.

Speaking on the association, Mr. Ashish Khanna, CEO, Tata Power Renewable Energy Limited, expressed, "We are pleased to support the ANAND Group as it embarks on its clean energy transformative journey. This group captive project highlights our commitment to support the automotive industry in becoming more sustainable and environmentally focussed."

Commenting on the partnership Mr. Rajeev Gera, President - Business Development & Corporate Materials, ANAND Group, said, "In the spirit of sustainable collaboration, the project marks the union of visionaries and targeted goals to develop green energy. As Tata Power Renewable and ANAND Group join hands in this group captive project, we are together setting the path-and new benchmarks-for a greener future together."

Previously, Tata Power and the ANAND Group collaborated for a 10.1-MW Solar PV park power project, located in Maharashtra, India. This latest Group Captive PPA signifies the synergistic efforts of TPREL and ANAND in promoting renewable energy adoption, yielding tangible environmental benefits and showcasing Tata Power's expertise in innovative energy solutions and ANAND's focus on sustainable business practices.

With this addition, the total renewables capacity of TPREL reaches 7,787 MW including 3,655 MW projects under various stages of implementation and its operational capacity is 4,132 MW, which includes 3,139 MW solar and 993 MW wind.

Shares of Tata Power currently trading at Rs 247.25 apiece in BSE, up 0.92% from its previous close. At the time of writing, it hit Rs 248.40 intraday high and Rs 245 intraday low.

The stock hit 52-week high on Aug 24, 2023, at Rs 252.75 and 52-week low on Mar 28, 2023, at Rs 182.45. The shares jumped 1.46% in 1 week, and 6.15% in 1 year. It gave 303.92% in 3 years and 221.41% in 5 years.