Power Generation Company Receives a Letter of Award (LoA) from Tamil Nadu Green Energy Corporation Ltd
The stock is up by 23.6 per cent from its 52-week low of Rs 185.85 per share and has given multibagger returns of 370 per cent in 5 years.
NLC India Renewables Limited, a wholly-owned subsidiary of NLC India Limited, has received a Letter of Award (LoA) from Tamil Nadu Green Energy Corporation Limited (TNGECL). This LoA is for the development of three standalone Battery Energy Storage System (BESS) projects, totalling an aggregate capacity of 250 MW/500 MWh, designed for complete two cycles of charging and discharging for on-demand usage.
This marks a significant milestone as it is the first large-scale BESS project for the NLCIL Group. The projects will be implemented under the Build-Own-Operate (BOO) model with Viability Gap Funding (VGF) support under the State component. They will be strategically located at the Ottapidaram, Anuppankulam, and Kayathar 400/230/110 kV substations in Tamil Nadu, having been awarded through a competitive bidding process.
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About NLC India Ltd
NLC India Ltd is a government-owned company in India primarily involved in lignite mining and thermal power generation. It operates mines in Tamil Nadu and Rajasthan, using lignite to produce electricity. This power is then sold to various states in India, including Tamil Nadu, Rajasthan, Andhra Pradesh, Kerala, Karnataka and Puducherry. As a Navratna company, NLC India holds a significant position in the Indian energy sector.
The company has a market cap of over Rs 30,000 crore and has been maintaining a healthy dividend payout of 24.4 per cent. The stock is up by 23.6 per cent from its 52-week low of Rs 185.85 per share and has given multibagger returns of 370 per cent in 5 years.
Disclaimer: The article is for informational purposes only and not investment advice.