Tata Power Renewable Energy secures 400 MW hybrid project from Maharashtra electricity company
Sep 18, 2024
Mumbai (Maharashtra) [India], September 18 : Tata Power Renewable Energy (TPREL), a subsidiary of Tata Power, has received a contract by the Maharashtra State Electricity Distribution Company (MSEDCL) for the development of a 400 MW Wind-Solar Hybrid project in Maharashtra.
The company announced the successful securing of the Letter of Award (LoA) in a filing to the exchange on Wednesday.
As per the company, the project includes an initial contracted capacity of 200 MW, along with a greenshoe option for an additional 200 MW, making it the largest renewable energy project for TPREL in Maharashtra to date.
It also added that this initiative is a part of MSEDCL's broader strategy to fulfill the state's Renewable Purchase Obligation (RPO) and meet future power demands through competitive tariffs.
"The project is part of MSEDCL's broader initiative to meet the state's Renewable Purchase Obligation (RPO) and address future power demands at competitive tariffs. The LoA was issued through a competitive bidding process conducted via an electronically based reverse auction portal," said the company.
As per a statement by the company, the project is expected to be completed within 24 months of signing the Power Purchase Agreement (PPA) between TPREL and MSEDCL. Once operational, the hybrid project will significantly contribute to reducing carbon emissions, with an estimated annual reduction of 895 million kilograms of CO2.
The power generated from the wind-solar hybrid installation will be supplied to MSEDCL, helping the utility meet its energy needs sustainably while boosting Maharashtra's renewable energy portfolio.
The hybrid project will also make efficient use of local land resources, promoting regional development in the state.
Now the company noted that it's total renewable energy capacity has now reached 10.5 GW, with 5.7 GW of projects in various stages of implementation. Of its operational 4.8 GW capacity, 3.8 GW is from solar energy, while 1 GW is from wind energy projects.
