Tata Power, India's largest integrated power company, announced that Tata Power Renewable Energy Limited (TPREL), the Company's wholly owned subsidiary, has received a Letter of Award from Karnataka Renewable Energy Development Limited (KREDL) to develop 250 MW (50 MW x 5 Nos) of solar projects located in state's Tumkur district at Karnataka.
The projects will be set up at the Pavagada Solar Park in Tumkur district at Karnataka and the energy will be supplied to the State Discoms under a Power Purchase Agreements (PPA), valid for a period of 25 years. The Company has won this capacity in a bid at a tariff of INR 2.85/kWH announced by KREDL during April 2018. The projects will be commissioned within 12 months from the date of signing of the PPA.
Speaking on this achievement, Mr. Praveer Sinha, CEO & MD, Tata Power, said, "We are proud to announce that we have been awarded the 250 MW Solar Project in Karnataka, and thankful to the Government of Karnataka and the officials at KREDL for this opportunity. We are delighted to contribute towards the realisation of our country's commitment towards clean and green energy through solar power generation."
"We are pleased to announce our win in Karnataka and with this, we continue to demonstrate our strong project development, engineering and execution capabilities. This is an important milestone in our endeavour to generate 35-40 per cent of Tata Power's total generation capacity from clean energy sources. Pavagada Solar Park has provided us a unique opportunity to enhance our generation capacities in the same location and post development we will have the optimisation advantage of operating more than 400 MW AC power from Pavagada. Establishment of solar project in this area will improve the revenue to the Govt. and enables Pavagada to be one of the pioneers in Solar park in the entire Country." said Mr. Ashish Khanna, President-Renewables, Tata Power.
The 250 MW solar project is the largest capacity won by the company in a bid so far. With this addition, TPREL will have an overall operational capacity of 400 MW in Pavagada Solar Park as 150 MW has already been operational since FY18. The plant is expected to annually offset approximately 578631 tCO2e per year. TPREL has an operation capacity of 675 MW making it a key player in the renewable energy space. 1.6% of their total annual consumption will be met with this project.
About Tata Power Renewable Energy Limited:
TPREL is a wholly owned subsidiary of Tata Power, and is Tata Power's primary investment vehicle for clean and renewable energy based power generation capacity. TPREL's present operating capacity is 2215 MW comprising of 931 MW wind and 1284 MW solar capacity located in the states of Maharashtra, Gujarat, Madhya Pradesh, Andhra Pradesh, Telangana, Punjab, Bihar, Tami lNadu, Karnataka and Rajasthan. The company is also in the process of implementing 121 MW of renewable power projects at various locations on Greenfield basis. In order to aggregate its clean and renewable energy portfolio, Tata Power has initiated the process of carving out its 380 MW clean energy assets from its books into TPREL. TPREL's portfolio grows to about 2.2 GW making it a leading Renewable Energy Company in India. TPREL is seeking to grow its renewable portfolio in India and in select international markets through organic and inorganic opportunities. Visit us at www.tatapowerrenewables.com
About Tata Power:
Tata Power is India's largest integrated power company and, together with its subsidiaries & jointly controlled entities, has an installed capacity of 10757 MW. A pioneer in the field, it has a presence across the entire power value chain: Generation of renewable as well as conventional power including hydro and thermal energy; transmission & distribution, trading and coal & freight logistics. With renewable energy assets in solar and wind accounting for 30% of the company's portfolio, Tata Power is a leader in clean energy generation. In line with the company's view on sustainable and clean energy development, Tata Power is steering the transformation of utilities to integrated solutions by looking at new business growth in EV charging & storage, distributed generation & rooftops, microgrids and home automation & smart meters.
It has successful public-private partnerships in generation, transmission & distribution in India namely: 'Tata Power Delhi Distribution Ltd.' with Delhi Vidyut Board for distribution in North Delhi; 'Tata Power Ajmer Distribution Ltd.' with Ajmer Vidyut Vitran Nigam Ltd. for distribution in Ajmer; 'Powerlinks Transmission Ltd.' with Power Grid Corporation of India Ltd. for evacuation of Power from Tala hydro plant in Bhutan to Delhi; 'Maithon Power Ltd.' with Damodar Valley Corporation for a 1050 MW Mega Power Project at Jharkhand. Tata Power is serving more than 2.6 million distribution consumers in India and has developed the country's first 4000 MW Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology.
With growing international focus, Tata Power's global presence includes strategic investments in Indonesia through a 30% stake in the coal company PT Kaltim Prima Coal (KPC); 26% stake in mines at PT Baramulti Suksessarana Tbk (BSSR); in Singapore through Trust Energy Resources; in South Africa through a joint venture called 'Cennergi' to develop projects in sub-Sahara Africa; in Zambia through a 50:50 joint venture with ZESCO for 120 MW Hydro project; in Georgia through AGL which is a joint venture with Clean Energy, Norway & IFC for development of 187 MW hydro project; in Bhutan through a hydro project in partnership with The Royal Government of Bhutan.
With its 103 years track record of technology leadership, project execution excellence, world-class safety processes, customer care and driving green initiatives, Tata Power is poised for multi-fold growth and committed to 'lighting up lives' for generations to come. Visit us at: www.tatapower.comFor media queries, please contact: