Tata Power shares in focus as arm to set up 41 MW captive solar plant in Tamil Nadu
Tata Power has climbed 22.68 per cent year-to-date against an 8.09 per cent rise in the BSE Sensex during the same period. The stock has an average target price of Rs 222, as per Trendlyne.
- Sep 28, 2023,
- Updated Sep 28, 2023 9:02 AM IST
Shares of Tata Power Ltd will be in focus on Thursday after the Tata group firm said its subsidiary Tata Power Renewable Energy (TPREL) would be setting up a 41 MW captive solar plant for TP Solar (a subsidiary of TPREL) at Tamil Nadu's Thoothukudi. The plant will be made for TP Solar's greenfield 4.3 GW solar cell and module manufacturing facility, which is located at Tirunelveli, Tamil Nadu. As per a press release, the captive plant would generate 101 million units of electricity and offset around 72,000 metric tonnes of carbon dioxide emissions annually.
Tata Power had 37,77,557 small individual investors, owning a total of 24.73 per cent stake in the company, as of June 30. The stock has climbed 22.68 per cent year-to-date against an 8.09 per cent rise in the BSE Sensex during the same period. The stock has an average target price of Rs 222, as per Trendlyne, which suggests a potential 14 per cent downside ahead.
Tata Power said the captive solar project would be commissioned 12 months from the signing of the Project Development Agreement (PDA). TPREL has established TP Govardhan Creatives, a specialised entity entrusted with the development, operation, and upkeep of this facility for TP Solar, the company said in a BSE filing.
TP Solar’s manufacturing plant, Tata Power said, is expected to start commercial production of cells and modules by FY24-25. TP Solar is a subsidiary of TPREL.
CEO at TPREL Ashish Khanna said, “Green energy supply to our state-of-the-art 4.3 GW solar cell and module manufacturing facility from the captive solar plant is a shining example of our commitment to a sustainable transition to green energy. This arrangement will act as a model for all the upcoming solar component manufacturing facilities to source green energy for their production and the resulting domino effect will significantly contribute towards the country’s ambitious target of achieving 500 GW of non-fossil fuel-based energy capacity by the end of this decade.”
With the new captive solar plant, TPREL said its total capacity will expand to 7,877 MW including 3,720 MW of projects at different stages of implementation, and an operational capacity of 4,157 MW, comprising 3,154 MW solar energy and 1,003 MW wind energy.
Shares of Tata Power Ltd will be in focus on Thursday after the Tata group firm said its subsidiary Tata Power Renewable Energy (TPREL) would be setting up a 41 MW captive solar plant for TP Solar (a subsidiary of TPREL) at Tamil Nadu's Thoothukudi. The plant will be made for TP Solar's greenfield 4.3 GW solar cell and module manufacturing facility, which is located at Tirunelveli, Tamil Nadu. As per a press release, the captive plant would generate 101 million units of electricity and offset around 72,000 metric tonnes of carbon dioxide emissions annually.
Tata Power had 37,77,557 small individual investors, owning a total of 24.73 per cent stake in the company, as of June 30. The stock has climbed 22.68 per cent year-to-date against an 8.09 per cent rise in the BSE Sensex during the same period. The stock has an average target price of Rs 222, as per Trendlyne, which suggests a potential 14 per cent downside ahead.
Tata Power said the captive solar project would be commissioned 12 months from the signing of the Project Development Agreement (PDA). TPREL has established TP Govardhan Creatives, a specialised entity entrusted with the development, operation, and upkeep of this facility for TP Solar, the company said in a BSE filing.
TP Solar’s manufacturing plant, Tata Power said, is expected to start commercial production of cells and modules by FY24-25. TP Solar is a subsidiary of TPREL.
CEO at TPREL Ashish Khanna said, “Green energy supply to our state-of-the-art 4.3 GW solar cell and module manufacturing facility from the captive solar plant is a shining example of our commitment to a sustainable transition to green energy. This arrangement will act as a model for all the upcoming solar component manufacturing facilities to source green energy for their production and the resulting domino effect will significantly contribute towards the country’s ambitious target of achieving 500 GW of non-fossil fuel-based energy capacity by the end of this decade.”
With the new captive solar plant, TPREL said its total capacity will expand to 7,877 MW including 3,720 MW of projects at different stages of implementation, and an operational capacity of 4,157 MW, comprising 3,154 MW solar energy and 1,003 MW wind energy.