In the fast-evolving landscape of renewable energy, Tata Power Company continues to make significant strides, reaching a noteworthy milestone in the realm of group captive projects.
Read Also | Tata Safari Facelift Teased: Unveiling the Future of SUV Elegance
On November 21, the company’s shares surged by 1 percent, trading at Rs 263.70 in the early hours, following the announcement that Tata Power Renewable Energy Limited (TPREL), its subsidiary, successfully surpassed the 1.4 GW capacity mark within the last seven months.
This accomplishment is attributed to the strategic signing of Power Delivery Agreements (PDAs) with various industries spanning different segments.
TPREL’s collaborations in the past six months have included prestigious projects with industry leaders such as Tata Steel, Tata Motors, Mukand Limited, Supreme Petrochem Limited, Xpro India Limited, Neosym Industry Limited, Chalet Hotels Limited, Sanyo Special Steel Manufacturing India Pvt Ltd, ANAND Group, and Endurance Technologies Limited, among others.
One notable project in the pipeline is TPREL’s initiative to construct a 41 MW captive solar plant for Tata Power’s upcoming 4.3 GW Solar cell & module manufacturing facility in Tamil Nadu, showcasing the company’s commitment to sustainable energy solutions.
As of October 2023, TPREL’s overall renewables capacity has surged to an impressive 7,961 MW. This comprises 3,755 MW of projects in different stages of development and an operating capacity of 4,206 MW, including 3,200 MW in solar projects and 1,006 MW in wind projects.
The financial outlook is equally promising, with Tata Power posting an 8.8 percent increase in its Q2FY24 consolidated net profit, reaching Rs 1,017 crore. Revenue also witnessed a substantial uptick, rising by 9 percent to Rs 15,442 crore.
Read Also | Tata Motors Surpasses Expectations with Q2 Results: PAT at Rs 3,764 Crore, Revenue Up 32%
Despite the stock trading 4.63 percent below its 52-week high, reaching Rs 276.50, and 44.53 percent above its 52-week low of Rs 182.45, the company’s consistent growth trajectory positions Tata Power as a key player in the renewable energy sector, contributing significantly to India’s sustainable energy goals.