Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power, has commissioned a 150 MW solar power project in Pokharan, Rajasthan. With this, the overall operating renewable capacity of TPREL now stands at 2,628 MW in India.
In May 2018, Maharashtra State Electricity Distribution Company Limited (MSEDCL) had announced that TPREL won the capacity at a tariff of ₹2.72 (~$0.03823)/ kWh. The sale of power from this solar project is for 25 years under the power purchase agreement (PPA) signed with the MSEDCL.
MSEDCL’s 1 GW grid-connected solar PV tender was oversubscribed by 450 MW. MSEDCL had retendered the projects to meet its Renewable Purchase Obligation (RPO) in April 2018. It had initially tendered the projects in December 2017. MSEDCL had set ₹3 (~$0.047)/kWh as the upper tariff ceiling for this tender.
The project is connected at 220 kV to Power Grid Corporation of India Limited’s (PGCIL) Bhadla substation making it the company’s first ISTS (interstate transmission system (ISTS) solar project.
According to the company statement, TPREL is currently developing 500 MW of renewable capacity across the country including 100 MW in Uttar Pradesh, 100 MW at Raghanesda solar park and 250 MW at Dholera solar park in the state of Gujarat.
In May 2019, Tata Power had announced its annual results for FY 2018-19. The company’s income statement showed that its consolidated FY19 revenue was up 12% at ₹294.93 billion (~$4.25 billion) as compared to ₹264.3 billion (~$3.81 billion) last year. According to Tata Power, its renewable energy business continues to grow with Q4 FY19 EBITDA increasing by 34% on a quarter on quarter (QoQ) basis to ₹6.06 billion (~$87.4 million) with higher operational revenues and engineering procurement and construction (EPC) volume. The company stated that its EPC order book stood at ₹16 billion (~$231 million) for the year, out of which solar EPC accounted for around 13.6 billion (~$196 million).
