Tata Power shares gain as arm signs PDA with ANAND group

Shares of Tata Power gained in Tuesday's trade after its subsidiary Tata Power Renewable Energy (TPREL) signed a group captive power delivery agreement (PDA) for 4.4 MW AC with the ANAND group.  Under this agreement, TPREL will facilitate the generation of 10 million units of clean energy through renewable sources, Tata Power told stock exchanges.

With this addition, the total renewables capacity of TPREL reaches 7,787 MW including 3,655 MW projects under various stages of implementation. Its operational capacity stands at 4,132 MW, which includes 3,139 MW solar and 993 MW wind, Tata Power said.

To be sure, Tata Power and the ANAND Group earlier collaborated for a 10.1-MW Solar PV park power project, located in Maharashtra, India. This latest group captive PPA signifies the synergistic efforts in promoting renewable energy adoption, yielding tangible environmental benefits and showcasing Tata Power's expertise in innovative energy solutions, Tata Power said. 

The new project is expected to eliminate 5,500 tonnes of carbon emissions annually, aligning with TPREL’s mission to create a greener and cleaner future for its Commercial and Industrial (C&I) customers, Tata Power said.

CEO at Tata Power Renewable Energy Ashish Khanna said: "We are pleased to support the ANAND Group as it embarks on its clean energy transformative journey. This group captive project highlights our commitment to support the automotive industry in becoming more sustainable and environmentally focussed.”

Rajeev Gera, President - Business Development & Corporate Materials, ANAND Group, said the approach provides cost-effective renewable energy access for multiple participants, aligning with the government’s sustainability objectives.

"In the spirit of sustainable collaboration, the project marks the union of visionaries and targeted goals to develop green energy. As Tata Power Renewable and ANAND Group join hands in this group captive project, we are together setting the path—and new benchmarks—for a greener future together," Gera said.

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