Tata Power Solar received EPC orders worth Rs 538 crore from Energy Efficiency Services Limited (EESL) to set up multiple ground mounted distributed solar projects totaling 100 MW.
Tata Power shares hit a new record high of Rs 198.70, up almost 4% in intraday trading Tuesday in a limited range market after Tata Power Solar received EPC orders worth Rs 538 crore from Energy Efficiency Services Limited (EESL) to set up multiple ground mounted distributed solar projects totaling 100 MW.
Tata Power Solar Systems (Tata Power Solar), one of the largest integrated solar companies in India and a wholly owned subsidiary of Tata Power, has received a “Letter of Concession” (LoA) to build 100 MW of distributed solar projects on the ground for EESL.
The company said in a press release. The total order value of the projects is 538 million rupees. The projects’ commissioning date is set at 12 months, he added.
The EESL project sites are located in Maharashtra. The insured work includes engineering, design, supply, construction, assembly, testing, operation and maintenance and commissioning of the solar projects.
With this victory, Tata Power Solar’s utility scale EPC order book now has a capacity of around 4 GW (CC) worth approximately Rs 9,264 crore (excluding GST), strengthening its position. as India’s leading solar EPC player, the company said.
Tata Power Solar also won an auction by Gujarat for 400 MW of projects to be built at the Dholera solar park. In the April-June quarter (Q1FY22), Tata Power had reported a 74% year-on-year increase in its Consolidated Profit After Tax (PAT) before one-off items of Rs 268 crore, driven by consistent performance from all companies. reduction of financial cost and higher execution of EPC projects.
The company’s board of directors is scheduled to meet on October 28, 2021 to consider financial results for the quarter ended September 2021 (Q2FY22).
Measures related to divestment and developer infusion have helped reduce debt. Additionally, the EPC and Renewables businesses are poised to gain momentum, led by a healthy project portfolio. Analysts expect Solar EPC to increase earnings over the next two years.
Tata Power also partnered with Tata Motors, Morris Garages India Limited and Jaguar Land Rover to develop electric vehicle (EV) charging infrastructure for its customers and dealers, including those for electronic buses used by multiple state-owned transportation companies.