GANDHINAGAR / MUMBAI / RAJKOT - In a regulatory filing as submitted to the Indian Stock Exchanges, Mumbai headquartered Ratan Tata led Diversified Indian Conglomerate - Tata Group's power arm Tata Power Company Ltd said of having bagged contract to develop 120 MW of Solar Power Project in the state of Gujarat, which has been awarded to the company by Gujarat Government's distribution company Gujarat Urja Vikas Nigam Ltd (GUVNL) on June 12, 2020.
In a press-release titled, "Tata Power to develop 120 MW Solar Project in Gujarat", as attached and enclosed with the regulatory filing as submitted by the company to the Indian Bourses, it further read that, 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 Gujarat Urja Vikas Nigam Limited (GUVNL) on 12th June 2020 to develop a 120 MW solar project in Gujarat.
The energy will be supplied to GUVNL under a Power Purchase Agreement (PPA), valid for a period of 25 years from scheduled commercial operation date.
The Company has won this capacity in a bid announced by GUVNL under Phase VIII dated February 2020.
The project is required to be commissioned within 18 months from the date of execution of the PPA.
The Plant is expected to generate about 300 MUs of energy per year and will annually offset approximately 300 Million Kg of CO2.
Tata Power’s renewable capacity will increase to 3,457 MW, out of which 2,637 MW is operational and 820 MW is under implementation including 120MW won under this LOI (Letter of Intent).
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