Tata Power Secures 200 MW Dispatchable Renewable Energy Project With SJVN
Tata Power Renewable Energy has clinched a significant victory in the renewable energy sector, securing a letter of award for the development of a 200-megawatt firm and dispatchable renewable energy project in collaboration with SJVN.
The ambitious project is structured with a hybrid combination of solar, wind, and battery storage with capacities tailored for optimum performance. The announcement was made through an exchange filing by Tata Power Renewable Energy on Tuesday.
The versatile project aims to assist distribution companies in meeting their renewable purchase obligations and energy storage commitments.
By harnessing a hybrid mix of solar and wind energy, coupled with battery storage capabilities, the plant is poised to contribute to the stability of the grid while facilitating the supply of energy during peak hours, as stated in the filing.
"This is a significant milestone for Tata Power Renewable Energy, marking our entry into the Firm and Dispatchable Renewable Energy (FDRE) segment. The project aligns with our commitment to providing sustainable and reliable energy solutions," an official spokesperson for Tata Power Renewable Energy has been quoted in media reports.
The project also includes a greenshoe option, allowing for additional power supply beyond the initial 200 MW capacity. The FDRE initiative is expected to play a pivotal role in addressing the growing demand for clean energy and enhancing the grid's overall resilience.
Following this achievement, Tata Power Renewable Energy's total renewable capacity will soar to 8,314 MW. This comprises 4,100 MW in various stages of development and an operational capacity of 4,214 MW. The portfolio also features 3,200 MW in solar projects and 1,014 MW in wind projects.
Tata Power, a subsidiary of the Tata Group, has emerged as a leading player in the power sector with a diversified portfolio boasting 14,407 MW. The company has set ambitious goals, including achieving carbon neutrality before 2045.
Tata Power has actively collaborated with both public and private entities to generate, transmit, and distribute power across India. The company currently serves approximately 13 million customers nationwide.
In response to the news, shares of Tata Power experienced a notable uptick, opening 1.03 per cent higher at Rs 273.50 on Wednesday. The positive market response underscores the investor confidence in Tata Power's strategic moves and its commitment to sustainable energy solutions.
