Tata Power Company Limited witnessed a 2 percent surge in its shares, trading at Rs 264 during early trade on September 28. The jump came in response to the company’s announcement regarding its subsidiary, Tata Power Renewable Energy Limited (TPREL), planning to establish a 41-MW captive solar plant in Thoothukudi, Tamil Nadu.
According to a filing with the stock exchange, this initiative supports TP Solar Ltd, another subsidiary of TPREL, which is in the process of developing an extensive 4.3-GW solar cell and module manufacturing facility in Tirunelveli, Tamil Nadu.
This development is noteworthy as the captive solar plant is expected to generate 101 million units of electricity annually. Moreover, it is set to have a substantial environmental impact by offsetting approximately 72,000 metric tonnes of CO2 emissions each year.
The filing further noted that the captive solar project is scheduled for commissioning within 12 months from the signing of the Project Development Agreement (PDA).
TP Solar plans to kickstart commercial production of solar cells and modules by the fiscal year 2024-25. Additionally, Tata Power revealed that TPREL has established TP Govardhan Creatives Ltd, a specialized entity responsible for overseeing the development, operation, and maintenance of the facility.
With the addition of this new captive solar plant, TPREL’s total capacity will see a significant increase, reaching 7,877 MW. This encompasses 3,720 MW of projects in various stages of development and an operational capacity of 4,157 MW, including 3,154 MW of solar energy and 1,003 MW of wind energy.