TATA Power’s TP Saurya Wins 250 MW PV Projects at Maharashtra Auction

TP Saurya Limited, a subsidiary of Tata Power, announced recently that it has bagged 250 MW of grid-connected solar photovoltaic projects to be built at the Dondaicha Solar Park in Dhule, Maharashtra, at a solar auction organised by Maharashtra State Power Generation Company (MAHGENCO).

To achieve this feat, the company won the full capacity of 250 MW by quoting ₹2.51/kWh. The auction was attended by solar developers like SJVN and NTPC Renewable Energy who also participated in the bidding process and quoted ₹2.53/kWh and ₹2.82/kWh, respectively. In January this year, MAHGENCO had invited bids from companies for setting up 250 MW of grid-connected solar photovoltaic projects at the Dondaicha Solar Park in Dhule, Maharashtra. The tender had specified a ceiling tariff of ₹2.83/kWh, valid for 25 years.

The project is expected to cost ₹8.75 billion and must be commissioned within 15 months from the power purchase agreement (PPA) date. It must also achieve financial closure within nine months from the date of the power purchase agreement (PPA). The project will be divided into three blocks – Block I (75 MW), Block-II (125 MW), and Block III (50 MW).

In July of 2020, Tata Power announced that its wholly-owned subsidiary, Tata Power Green Energy Limited (TPGEL), received a letter of award (LoA) to develop a 225 MW hybrid renewable power project.

The latest announcement follows another made in March this year when the company revealed that it had signed a PPA with Tata Steel to develop a 15 MW solar project at Jamshedpur, Jharkhand, to generate an average of 32 MUs of energy per year and annually offset approximately an average 25.8 Million Kg of CO2.

Recently, several media reports claimed that Tata Power was looking to separately list its renewable energy business, hoping to raise $473 million through an initial public offering (IPO). The company denied the same in a regulatory filing yesterday, saying that such reports were speculative in nature, and that if such a business option is evaluated and found beneficial in the future, it will be communicated to the Stock Exchanges as per regulations.