“Company’s 100 per cent subsidiary, Tata Power Renewable Energy Ltd (TPREL) has won two Solar grid connected photovoltaic projects of 50 MW capacity each in Pavagada Solar Park in the Tumkur district of Karnataka,” the company said in a statement.
The projects have been awarded through open category under Jawaharlal Nehru National Solar Mission (JNNSM) Phase-II Batch-II Tranche-l under ‘State Specific Bundling Scheme’, the statement added.
TPREL has received the letter of intent (LoI) to develop the projects and will sign a 25-year power purchase agreement (PPA) with NTPC Vidyut Vyapar Nigam Ltd.
Tata Power CEO and managing director said Anil Sardana said, “The two solar projects will add 100 MW of non-fossil fuel energy to our total generation capacity, thereby, significantly increasing our green footprint.”
The JNNSM, launched in January 2010, is a major initiative of the government that aims to establish India as a global leader in solar energy by creating favourable policy conditions for its diffusion across the country.
At 13:37 p.m., shares in Tata Power were trading 0.29 per cent lower at Rs 69.65 apiece on the BSE, whose benchmark Sensex index was down 0.46 per cent.