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24 March, 2018 08:07 IST
Tata Power Renewable Energy commissions 100 MW solar plant
Source: IRIS | 19 Dec, 2017, 10.14AM
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Tata Power Renewable Energy (TPREL), India's largest renewable energy company and Tata Power's wholly-owned subsidiary, today announced that the Company has commissioned its 100 MW solar plant (50MW X 2) at Pavagada Solar Park in Karnataka. The project was won by the company in May 2016 under the National Solar Mission Phase-II Batch-II Tranche-I State Specific Bundling Scheme. With this development, TPREL's total installed operating capacity now stands at 1614 MW.

The two 50 MW solar plants have been built over 533 acres. Sale of power from solar plant has been tied up under a 25-year Power Purchase Agreement with NTPC Ltd. at a tariff of Rs. 4.79/ unit.

Rahul Shah, CEO, Tata Power (Q,N,C,F)* Renewable Energy, said, "The commissioning of the 100MW solar plant in Karnataka fortifies our position of being the largest renewable energy company in the country, with a strong presence in solar power generation. We prefer development opportunities in solar parks as land and evacuation are provided, and we can focus on the project. We are extremely proud of this development and we continue to seek potential areas across India and in select International markets through organic and inorganic opportunities."

TPREL recently commissioned 25 MW solar plant in Charanka, Gujarat Solar Park, Gujarat, and 30 MW solar plant in Palaswade in Maharashtra. Tata Power’s vision is to have 35-40% of the company's total generation capacity from non-fossil fuel sources by 2025. Tata Power's renewable energy capacity this year crossed 2000 MW and green generation portfolio crossed the 3000 MW mark.

Shares of the company gained Rs 0.4, or 0.44%, to trade at Rs 91.40. The total volume of shares traded was 48,958 at the BSE (10.03 a.m., Tuesday).

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