Tata Power Renewable Arm Bags LoA To Set Up 966-MW Hybrid Project For Tata Steel

Tata Power Renewable Energy subsidiary, TP Vardhaman Surya has received letter of award (LoA) for setting up 966 MW RTC (round-the-clock) hybrid renewable power project for Tata Steel.

According to the official press release, "Tata Steel, will invest 26% equity in the said project. The project will be commissioned by 1st June 2025 as per the arrangement."
TPREL will set up 966MW solar- wind hybrid capacity (379 MW solar and 587 MW wind power). This is one of the biggest industrial RTC power PPAs under Group Captive segment in the country. The project has the hybrid renewable capacity of 379 MW solar and 587 MW wind power, added the company's press release.

Praveer Sinha, CEO & MD, Tata Power said, "Tata Power and Tata Steel are committed to jointly develop green energy solutions. The 966 MW RTC (Round-the-clock) hybrid renewable power project marks a significant step towards our combined efforts to accelerate the adoption of clean and green energy to meet the net zero target".

Meanwhile, T. V. Narendran, CEO & MD, Tata Steel, added, "We are pleased to partner with Tata Power Renewable Energy Limited to secure a significant portion of our power requirements from renewable sources. This agreement aligns with our sustainability vision and will contribute to the reduction of carbon emissions associated with our operations. We believe that renewable energy is the future, and this partnership enables us to take one of the steps towards achieving our target of net zero by 2045."

Current market price of Tata Power Co Ltd share is Rs 222.20 with intraday jump of 0.73%. Its 52-week high price is Rs 251.00 per share and 52-week low price is Rs 182.45 apiece, respectively. Its market capitalisation is Rs 70,776.77 crore. Tata Power share witnessed a decline of 5% in last 1-year, gained 78% in last 2-years, and surged 418% in last 3-years.

Current market price of Tata Steel Ltd is Rs 109.10 apiece and it witnessed a decline of 1.80%. Its 52-week high price is Rs 124.30 apiece and 52-week low price is 82.71 apiece, respectively. It has a market capitalisation of Rs 1,33,197.00 crore. Tata Steel Ltd share gave 4% return in last 1-year. Tata Steel Ltd stock delivered 228% return in last 3-years.