Tata Power share price in focus as arm signs agreement with Tata Motors

Tata Power share price opens nearly a percent higher a day after the company announced its subsidiary Tata Power Renewable Energy has signed a Power Purchase Agreement (PPA) for 9MWp on campus solar plant with Tata Motors Pantnagar plant in Uttarakhand.

Tata Power share price started the day at ₹241.50, up ₹2.15, or 0.90%, against yesterday's closing price of ₹239.35. The Tata Power shares later in the day pared some gains. At 11 am, Tata Power share price was at ₹240.25, up ₹0.90, or 0.38%.

At 11 am, Tata Motors share price was trading at ₹623.15, up ₹2.50, or 0.40%.

“The solar installation includes an effective approach towards Tata Motors sustainable future goals, with an estimated carbon emission reduction of 25 tonnes of CO2/kWp in Uttarakhand. The project will be commissioned within 6 months from the PPA execution date. The solar installation will utilize both rooftop and ground mounted units for installation,” said the company.

This solar plant will be the largest on-campus solar facility in the State. In an earlier partnership, Tata Power Renewable Energy and Tata Motors had established a 7 MWp solar project at the Pantnagar manufacturing facility. After the recent facility addition, Tata Motors Pantnagar plant’s combined solar capacity will be 16 MWp. The solar plants will generate annually 224 lakhs units which will meet nearly 60% of their annualized requirement, the company said in a regulatory filing.

“Tata Power Renewables with this partnership with Tata Motors is supporting India's green energy future. The 9MWp solar power installation resonates our commitment to fostering the widespread adoption of eco-friendly clean energy solutions across industries,” said Ashish Khanna, CEO, Tata Power Renewable Energy.

Tata Power shares have risen 10.8% in past 1 month, 16.9% in 3 months and 13.79% in 2023 so far.