Shares of Tata Power fell 2% on 6 May despite the company signing a Power Purchase Agreement (PPA) with an Indian Public Sector Undertaking (PSU) for a 460 megawatt (MW) Firm and Dispatchable Renewable Energy project. 

In its regulatory filing, the company said that its subsidiary, Tata Power Renewable Energy Limited (TPREL), has signed a 25-year PPA with SJVN Limited for a 460 MW Firm Dispatchable Renewable Energy Project at a tariff of Rs 4.38 kilowatt hour. 

Post-commissioning, the plant will generate around 3,000 million units (MUs) of power. It will offset 2,200 million kilos of CO2 emissions annually, designed to meet the 460 MW Firm and Dispatchable Renewable Energy requirement, wind, integrated solar, and battery storage technologies to ensure efficient energy dispatch during peak hours, thereby stabilising the grid. 

Moreover, TPREL’s total renewables capacity has reached 9,421 MW (PPA capacity is 7,978 MW), including 4,906 MW projects under various stages of implementation. Its operational capacity stands at 4,515 MW, from which 1,030 MW is wind, and 3,485 MW is solar. 

The company’s solar EPC portfolio includes more than 12.8 gigawatts of ground-mount utility-scale solar power, 1,00,000 solar water pumps, and 2 GW of rooftop and distributed ground-mounted systems. 

In addition to aiming for net zero emissions by 2045, Tata Power intends to complete 10,000 MW of renewable projects in the upcoming quarter. With 72 MW of renewable power just launched, the business currently has 4,752 MW of projects in development. 

Additionally, 3 GW of solar modules have been successfully installed at its production plant, and preparations are underway to begin generating the fourth GW of modules soon.

Based on the most recent data, the order book value of the Tata Group company was Rs. 15,885 crores. Significant orders were supplied by major Public Sector Undertakings (PSUs), such as SJVN, NTPC, NLC, NHPC, and numerous others. 

At 2:32 pm, the shares of Tata Power were trading 2.01% lower at Rs 445.60 on NSE.