Tata Power Renewable Energy Ltd. (TPREL), wholly owned subsidiary of Tata Power, has won a 150 MW solar PV project on a long term basis in Maharashtra.
TPREL had received the letter of award (LoA) to develop the project and would sign a 25-year power purchase agreement (PPA) with the Maharashtra State Electricity Distribution Co. Ltd (MSEDCL), subject to the approval of the Maharashtra Electricity Regulatory Commission (MERC) with applicable tariff.
“We aim to make the country self-sufficient in energy generation and be a support to attain world leadership in this sector,” said Ashish Khanna, president-renewables, Tata Power.
“TPREL is towards Tata Power Group’s renewable energy portfolio and achieve 30-40% generation capacity through clean energy sources.
Clean energy projects
“To achieve this goal, we are evaluating clean and green energy projects which are in line with our core business value of sustainable growth and returns to the shareholders and will further enhance and increase our clean energy footprint.”
The power plant is a part of MSEDCL’s 1,000 MW grid connected solar power projects for which MSEDCL had invited bids through competitive bidding process and e-reverse auction for a period of 25 years.
“Renewables is a focus area for us and we are looking at expanding in the renewables space, especially in solar. As we move forward, with the new technology coming in, we expect to do further improvement in the PLFs, and also in the returns in renewable business. So that’s a core area that Tata Power is looking at, and I’m sure in a very near future we will attain and maintain the leadership position,” said Praveer Sinha, CEO and managing director, Tata Power.
Tata Power’s vision is to have 35-40% of the company's total generation capacity from non-fossil fuel sources by 2025. As of today, Tata Power's renewable energy capacity has crossed 2,000 MW and green generation portfolio (consisting solar, wind, waste heat recovery and hydro) has crossed the 3,400 MW.