Tata's 105-Year-Old Firm Completes India's Largest Solar, Battery Energy Project; BUY Stock For Rs 439 TP

Tata Group-backed high voltage company, Tata Power announced that it has successfully commissioned the country's largest Solar and Battery Energy Storage Systems (BESS) project that comprises 100 MW Solar PV Project coupled with 120 MWh Utility Scale Battery Energy Storage System (BESS), at Rajnandgaon in Chhattisgarh. The project was completed by Tata Power-backed fully integrated solar company, Tata Power Solar Systems.

TPSSL bagged this Rs 945 crore project on EPC basis from the Solar Energy Corporation of India Ltd. (SECI) in December 2021. The order scope included engineering, design, supply, construction, erection, testing, O&M and commissioning of the projects, as per the statement.

The TPSSL team displayed exceptional project execution and engineering prowess during the project execution, which faced various challenges such as unsuitable full hard rock soil conditions, and remote location. In spite of these, the project was completed in the stipulated time frame. The cutting-edge Bifacial Mono Crystalline technology was used for 239,685 modules in the project.

Deepesh Nanda, CEO and Managing Director, Tata Power Renewable Energy Limited, said, "The successful commissioning of the largest solar and battery storage project for SECI, reflects the technical expertise and project execution skills of Tata Power Solar. This will ensure round-the-clock green energy and accelerate the renewable energy transition through innovative solutions."

The project is expected to generate an estimated 243.53 million units of energy annually and reduce carbon footprint of 4.87 million tonnes in 25 years, contributing significantly to India's renewable energy goals.

This achievement echoes the constant pursuit of excellence and collaborative spirit as the BESS for the project was supplied by Tata AutoComp Systems Limited.

R. P. Gupta, IAS, Chairman & MD, SECI, said, "We are committed to leverage latest technology in the renewable energy segment and this project supports the country's energy transition vision. The project has been delivered on time by Tata Power Solar that will help in providing 24x7 renewable power."

TPSSL has established itself as one of the leaders in the solar energy sector, with a successful track record of executing large-scale projects. The company's solar EPC portfolio includes more than 12.8 GWp of ground-mount utility-scale, over 2 GW of rooftop and distributed ground-mounted systems. The company's solar EPC portfolio includes more than 12.8 GWp of ground-mount utility-scale, over 2 GW of rooftop and distributed ground-mounted systems, and over one lakh solar water pumps.

Over the years, TPSSL has been a key player in promoting solar rooftop installations, particularly in the commercial and industrial segments, with compelling economic benefits.

On Tata Power share price, brokerages like JM Financials have recommended buying for a target price of Rs 439. While Antique has set a massive target of Rs 450.