Tata Power Company experienced a surge of nearly 1 per cent in its shares, reaching Rs 335.70 in the opening trade on December 18, following a significant development in its green energy sector. The boost came after Tata Power Solar Systems Limited (TPSSL), a wholly owned subsidiary of Tata Power Renewable Energy Limited (TPREL), successfully secured a contract to supply 152 MWp DCR Solar PV Modules for the NTPC Nokh Solar PV Project in Rajasthan.
The project, valued at approximately Rs 418 crore, is a part of NTPC's ambitious plan to develop the Nokh Solar Park in Pokhran, Jaisalmer, boasting a total capacity of 3x245 MW (735 MW). Notably, the entire project will leverage DCR category Bi-Facial Mono-PERC modules. These solar modules, including solar cells and modules, are being meticulously manufactured in India, aligning with the Domestic Content Requirement policy.
The Solar Cell and Module Manufacturing plant of TPSSL, located in Bengaluru, will play a pivotal role in the realization of this green energy endeavour by supplying the 152 MWp DCR Solar PV Modules for the Rajasthan project. This underscores Tata Power's commitment to fostering domestic manufacturing capabilities and supporting policies that promote locally produced solar equipment use.
This announcement comes on the heels of another noteworthy development in Tata Power's renewable energy portfolio. On December 13, Tata Power Renewable Energy inked a significant agreement with the Dr Abhay Firodia Group of Companies, specifically Force Motors Ltd and Jaya Hind Industries Pvt Ltd. The collaboration aims to develop a substantial 13.2-MW group captive solar plant, further solidifying Tata Power's footprint in the renewable energy sector.
Market analysts, responding to these positive developments, have maintained a favourable outlook on Tata Power Company. A recent report from a leading Broking House on December 13 not only sustained a 'buy' call on the stock but also revised the price target upward to Rs 390. This signifies the market's confidence in Tata Power's strategic initiatives and its potential for sustained growth in the renewable energy domain.
Furthermore, Tata Power has been expanding its presence in the electric vehicle (EV) charging infrastructure domain. On December 11, Tata Power EV Charging Solutions Limited (TPEVCSL), a subsidiary of Tata Power Group, entered into a pivotal agreement with the Indian Oil Corporation (IOCL). The partnership aims to deploy over 500 fast and ultra-fast electric vehicle charging points across India, contributing to the growth and accessibility of electric mobility in the country.
In summary, Tata Power's recent accomplishments in the green energy sector, spanning solar projects, collaborative ventures, and EV charging infrastructure, have positioned the company as a key player in India's sustainable energy landscape. These strategic moves not only reflect the company's commitment to environmental responsibility but also indicate a promising trajectory for Tata Power's future endeavours in the dynamic and evolving energy sector.
