Tata Power spikes up

Tata Power is very much in the focus today morning, what with the stock going on to hit a new high today at Rs.114; in fact since Monday, the stock has been hitting a new high every single day.

The company announced yesterday that TP Saurya, the wholly owned subsidiary of the company signed a Power Purchase Agreement (PPA) with Tata Steel to develop a 15 MW solar project at Jamshedpur, Jharkhand.

The energy will be supplied to TSL under a PPA valid for a period of 25 years from scheduled commercial operation date.

The project is required to be commissioned within 6 months from the date of execution of the PPA.

The Plant is expected to generate an average of 32 MUs of energy per year and will annually offset approximately average 25.8 Million Kg of CO2.

Tata Power’s renewable capacity will increase to 4,047 MW, out of which 2,687 MW is operational and 1,360 MW is under implementation including 15 MW won under this PPA.