Shares of Tata Power Company Ltd soared 3% on Tuesday, 3 December, after the company announced that its subsidiary, Tata Power Renewable Energy Ltd, has commissioned a 431 megawatt (MW) DC solar project at Neemuch, Madhya Pradesh.

According to the business, the project is thought to be among India’s most economical offers for producing solar energy on a massive scale. After a competitive bidding process, the project was awarded, the Tata Group firm added.

A novel combination of single-axis trackers and bi-facial modules is used in the 1,635.63-acre DC Solar Power Plant. The integration has increased the system’s overall efficiency by almost 15%, according to the business, allowing for longer hours of peak power supply.

According to the Tata Group organization, an estimated 7,80,300 tons of CO2 will be offset by the project. The project intends to guarantee a dependable electricity supply to Madhya Pradesh Electricity Management Business Ltd. and Western Central Railways, the business claimed.

With 4.4 gigawatts (GW) of solar and 1 GW of wind energy projects, the renewable energy company’s overall energy capacity is 10.9 GW, with 5 GW of projects in various phases of execution and 5.4 GW of operating capacity.

Tata Power Co. Ltd.’s stock has increased by over 49% in the past year and by over 27% so far in 2024.

At 3:06 pm, the shares of Tata Power were trading 2.85% higher at Rs 428.35 on NSE.

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