Tata Power’s Renewable Arm Wins LoA from GUVNL for 120 MW Solar Project in Gujarat

Adding another feather in its cap, Tata Power Renewable Energy Ltd (TPREL), the renewable arm of utility giant Tata Power, has received a Letter of Award (LoA) from Gujarat Urja Vikas Nigam Ltd (GUVNL) to develop 120 MW solar project in Gujarat.

Mumbai-headquartered Tata Power said in a statement on Monday that “it’s wholly-owned subsidiary TPREL has received a Letter of Award from GUVNL on June 12, 2020, to develop a 120 MW solar project in Gujarat.”

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Further, the company has won this solar photovoltaic (PV) project in a bid announced by GUVNL under phase-VIII during February this year.

As per the conditions of the tender, the successful bidder will supply power generated through solar energy to GUVNL, and will also sign a power purchase agreement (PPA), valid for 25 years from the scheduled commercial operation date.

Commenting on the achievement, Praveer Sinha, CEO and MD, Tata Power, said that “we are proud to announce that we have been awarded 120 MW solar project in Gujarat, and are thankful to the Government of Gujarat and the officials at GUVNL for this opportunity. With this award, the cumulative capacity of renewables will be 3,457 MW.”

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Besides, the said project is expected to be commissioned within 18 months from the date of execution of the PPA. Also, this plant is likely to generate about 300 MUs of energy per year and will annually offset approximately 300 million kg of CO2.

On the company’s significant win, Ashish Khanna, President-Renewables, Tata Power, said that with this win we continue to demonstrate our strong commitment towards renewable energy as well as project development, engineering and execution capabilities.

Khanna further added, “we hope to continue to build on our capabilities, deliver over expectations and create high benchmarks all around.”

Post this win, the renewable energy capacity of India’s largest integrated power company will increase to 3,457 MW, including 2,637 MW operational, 820 MW under implementation and 120 MW won under this LoA.

In April this year, the company’s other subsidiary Tata power Solar had also won LoA from NTPC to develop 300 MW grid-connected solar project under CPSU Scheme Phase-II.

Bangalore-headquartered Tata Power Solar has won this solar photovoltaic (PV) project under the reverse bidding auction held in February at an all-inclusive price of Rs 1,730.16 crore.

Buoyed by the project win, shares of the company were trading at 42.80 apiece, up 2.16 per cent, from the previous close on the exchange at 2:19 p.m.