Tata Power's arm bags solar project in Maharashtra

Tata Power Renewable Energy has won a 30 MW solar grid connected photovoltaic project in Maharashtra.

A unit of Tata Power, TPREL has received the Letter of Intent (LoI) to develop the project and will sign a 25-year power purchase agreement with NTPC Vidyut Vyapar Nigam.

"The project has been awarded in the DCR (Domestic Content Requirement) category under the Jawaharlal Nehru National Solar Mission (JNNSM) Phase-II Batch-III tranche-I under 'State Specific Bundling Scheme'," Tata Power said in a statement.

TPREL CEO and ED Rahul Shah said: "This is the third LoI received by TPREL in recent months and brings our solar bid wins to 145 MW. Receiving this LoI for 30 MW of non-fossil fuel energy will further add to our total generation capacity, thereby, significantly increasing our green footprint." This move is in line with the Government set target of 100 gw from solar energy by 2017, he said.

"We will continue to grow our capacity through organic and inorganic means over the next few years to contribute to Tata Power's aggressive target of 20,000 MW of total capacity by 2025," he added.

JNNSM, launched in January 2010, is a major initiative of the government that aims to establish India as a global leader in solar energy by creating favourable policy conditions for its diffusion across the country.

It had initially set a target to 20 GW of solar installations by 2022 that was reset to achieve five times more at 100 GW by 2022.

The company's shares were trading down Rs 73.55, down Rs 1.60 or 2.13% lower.