Tata Power on Monday said its subsidiary Tata Power Renewable Energy Ltd (TPREL) will develop a 120 MW solar project for Gujarat Urja Vikas Nigam.
"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 June 12, 2020 to develop a 120 MW solar project in Gujarat," it said in a regulatory filing.
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, it added.
The company has won this capacity in a bid announced by the GUVNL under Phase VIII in February 2020.
The project is required to be commissioned within 18 months from the date of execution of the PPA.
Praveer Sinha, CEO & MD, Tata Power, said, "We are proud to announce that we have been awarded 120 MW Solar Project in Gujarat, and are thankful to the Government of Gujarat and the officials at GUVNL for this opportunity. With this award the cumulative capacity of renewables will be 3,457 MW".
The plant is expected to generate about 300 MUs of energy per year and will annually offset approximately 300 Million Kg of CO2.
"We are pleased to announce our win and with we continue to demonstrate our strong commitment towards renewable energy as well as project development, engineering and execution capabilities," said Ashish Khanna, President-Renewables, Tata Power.
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 120 MW won under this LOI (letter of intent).