This S&P BSE 100 Stock is part of the Tata Group and has announced an Agreement for a New Solar Plant of 12.5 MW. The company has a market cap of Rs. 82,312 crore and is 7% away from its 52 week high, trading at Rs. 257.60 versus Rs. 254.85 at previous close. The company’s shareholding comprises 47% by the promoters, 15% by DIIs, 10% by FIIs and the rest being held by the public.
In a filing dated 16th October 2023, Tata Power Co Ltd (“Tata Power”),a leading renewable energy player stated that it has signed a Power Delivery Agreement (PDA) with Endurance Technologies Limited, a leading auto component manufacturer, through a special purpose vehicle (SPV) TP Green Nature Limited, for the development of 12.5MW AC Captive Solar Plant.
The plant will be set up at Aachegaon in Maharashtra and will generate 27.5 million units (MUs) of electricity every year. This will help in reducing Endurance Technologies’ carbon footprints and mitigate approximately 9,125 metric tonnes (MT) of carbon emissions annually. The project is expected to be completed within 12 months of the signing of the PDA.
Commenting on the partnership, Ashish Khanna, CEO, Tata Power, said, “Our partnership with Endurance Technologies Limited to set up a captive solar plant will support them in adopting sustainable energy solutions. At Tata Power, we are dedicated to supporting energy-intensive businesses across multiple industries to actively adopt green energy solutions and advance the nation’s energy transition journey.’
Mr. Ramesh Gehaney, Director & COO, Endurance Technologies Limited, said, “We are committed to environmental responsibility and adopting eco-friendly energy alternatives through this partnership with Tata Power Renewable Energy Limited.
Green energy reduces pollution, curbs climate change, and preserves natural resources while fostering sustainable economic growth and energy independence. The captive solar plant represents a pivotal milestone in our journey towards green energy and vision for a sustainable future.”
Tata Power is one of the country’s most significant renewable energy players. Tata Power is a developer of renewable energy projects (including solar, wind, hybrid, round-the-clock (RTC), peak, floating solar, and storage systems including battery storage) that it owns, operates, and maintains. It also offers comprehensive green energy solutions for rural and urban areas like turnkey, EPC and O&M solutions for various business segments like utility-scale projects, solar rooftop, and solar pump systems.
In FY23, the company’s revenue grew 60% YoY from Rs. 11108 crore to Rs. 17728 crore. Net profits during the same period grew 17% YoY from Rs. 2783 crore to Rs. 3268 crore. This indicates a margin contraction of 650 bps.
Written by Sandeep R
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