The price of Tata Power shares was booming on Thursday, 14 November 2024, when the stock jumped 3% to reach an intraday high of Rs 411.85 per share after the company announced that its subsidiary Tata Power Renewable Energy Limited (TPREL) successful commissioning of the Omkareshwar Floating Solar Project.
 
Tata Power said, “With a capacity of 126 MW, this project stands as one of India’s largest floating solar installations, marking a significant milestone in the country’s renewable energy journey.”
 
Deepesh Nanda, CEO and managing director at TPREL, said, “We are delighted to set a new benchmark with one of the largest floating solar installations in the country, showcasing how innovative engineering can address environmental challenges. This project is a powerful example of how we can harness renewable resources to drive substantial carbon reduction while optimising the use of our precious land and water resources.”

According to a statement by Tata Power, NHDC Limited awarded TPREL the Rs 596 crore EPC contract.

An important development in Madhya Pradesh’s sustainable energy landscape is the Omkareshwar Floating Solar Project. This project, which is situated in the Khandwa region, not only produces renewable energy but also showcases cutting-edge engineering solutions in floating solar technology, including adaptive mooring systems, bifacial glass-to-glass modules, and the largest floating inverter platform in the world.
 
Rajeev Jain, managing director of NHDC Limited, said, “The commissioning of the Omkareshwar Floating Solar Project marks a significant milestone for NHDC Limited and our commitment to sustainable energy solutions. By partnering with Tata Power Renewable Energy Limited on this project, we have demonstrated that floating solar technology can provide clean energy while preserving vital water resources. We are excited about the potential this project holds for future renewable energy developments in India.” 

Approximately 173,893 tonnes of CO₂ emissions are offset by the installation’s 213,460 bifacial solar modules, which generate 204,580 MWh yearly and lessen the evaporation of 32.5 million cubic meters of water. 

The project overcomes challenging environmental conditions, including water level variations and strong winds, due to its unique location between the Indirasagar and Omkareshwar lakes. By covering a large 260 hectares of water surface, it sets a global standard in the floating solar industry.
 
The overall renewable energy capacity of TPREL is now 10.9 GW, with 5.6 GW of projects in various phases of development. With 1 GW of wind energy projects and 4.3 GW of solar energy, its operating capacity has reached 5.3 GW.

At 11:39 am, the shares of Tata Power were trading 1.35% higher at Rs 404.75 on NSE.

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