52-week high alert: This multibagger power company sign multiple projects for 34 MW captive solar plant!

Shares of the company have jumped more than 20 per cent in the last 6 months.

Tata Power Company Limited informed in the exchange filing that its subsidiary Tata Power Renewable Energy Limited (“TPREL”) through its subsidiary TP Alpha Limited (Special Purpose Vehicle– “SPV”) signed a Power Delivery Agreement (“PDA”) with Sanyo Special Steel Manufacturing India Private Limited (“SSMI”) for a Captive Solar Plant having capacity of 28.125 MW (AC) (i.e.,39.375 MWp DC) which is located in Aachegaon, Dist- Solapur, Maharashtra. The solar plant is projected to produce an annual electricity of 61.875 million Units (“MUs”) which would meet the energy requirement of the steel manufacturing unit of SSMI.

The overall capacity of the Aachegaon facility is 120 MWp AC. The project will be commissioned by March 2024 as per the arrangement.

Furthermore, the company has also signed a Power Delivery Agreement of Group Captive Project for 6 MW AC with Chalet Hotels Limited, an owner, developer, asset manager and operator of high-end hotels, and resorts and a hotel-led mixed-use developer across India. The plant will generate of 13.75 million units of clean energy from renewable sources under this arrangement.

Shares of Tata Power Company Limited have given multibagger returns during the last three years. The shares of the company jumped from Rs 58.90 on September 04, 2020, to Rs 255.25 on September 01, 2023, an increase of about 330 per cent in three years holding period. Owning to the positive news the stock made a fresh 52-week high.

Tata Power Company is one of India’s largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed/managed capacity of 14,324 MW.

Disclaimer: The article is for informational purposes only and not investment advice.