Tata Power shares gained after the electric power distribution company announced that its wholly-owned subsidiary, Tata Power Trading Corporation Ltd (TPTCL) signed an agreement with BluSmart to supply green energy. 

According to an exchange filing dated February 21, the eMobility ride-hailing service provider BluSmart has inked a multi-year power purchasing agreement (PPA) with TPTCL to source green energy for its e-vehicle fleet.

As per the PPA, TPTCL will source 30 MW capacity from Tata Power’s 200 MW solar PV power plant in Bikaner, Rajasthan. 

TPTCL is said to be uniquely positioned in the power trading industry with the Category-I Trading License, enabling customers to optimise their energy costs and facilitate their sustainability goals.

The partnership between TPTCL and BluSmart will enable the latter to completely eliminate Scope 2 emissions from its existing 1.4 million-square-foot EV charging infrastructure and future charging hubs. 

BluSmart said this collaboration also marks a significant step towards its commitment to decarbonising mobility at scale and bolstering India’s net-zero ambitions. Subsequently, it claimed to have emerged as India’s first mobility player to transition from zero tailpipe emissions to a zero emissions company. 

Born-electric ride-hailing service and EV charging infrastructure network, BluSmart operates around 6,000 EVs and owns and operates 4,000 EV chargers across its 35 EV charging hubs in megacities like Delhi NCR, Bangalore, and others.

Shares of Tata Power hit an intraday high of Rs 383.85, 1.29% higher than its previous closing price on the National Stock Exchange (NSE). Although, the stock lost early gains and closed 0.91% lower at Rs 375.50.