Tata Power's TP Solar Bags Rs 455 Crore Solar Module Order From Maharashtra State Power Generation Company

Tata Power Renewable Energy Ltd.'s wholly owned subsidiary TP Solar Ltd. has received a contract worth Rs 455 crore to supply solar modules to Maharashtra State Power Generation Co. Ltd. The company has signed a contract with the Maharashtra State Power Generation to supply 300 MWp of ALMM-certified solar modules for the Mukhyamantri Saur Krushi Vahini Yojana or MSKVY) 2.0 project, as per an exchange filing on Monday.

The ALMM-certified modules will be delivered to multiple locations across Maharashtra in the current year, the filing said. The award forms part of MSPGCL’s larger 750 MWp tender, which was finalised following a competitive e-Reverse Auction or eRA process.

TP Solar operates India’s largest single-location solar cell and module manufacturing plant in Tirunveli, Tamil Nadu. With a capacity of 4.3 gigawatts each for cells and modules, the state-of-the-art facility has been designed with open spaces to accommodate future expansion.

Tata Power, through its subsidiary Tata Power Renewable Energy Ltd., has invested nearly Rs 4,300 crore to establish this plant, which marks a significant step towards indigenisation in the solar value chain and achieving self-sufficiency in both solar cell and module manufacturing.

Equipped with advanced TOPCon and Mono PERC technologies, the plant produces ALMM-certified modules as well as DCR modules using India-made cells in this plant. This initiative aligns with the company’s commitment to supporting India’s vision for a net-zero carbon future with local manufacturing capabilities while reinforcing its leadership in the solar rooftop and utility-scale segments, the filing said.

Shares of Tata Power Co. Ltd. closed 3.16% lower at Rs 351.90 apiece, compared to a 1.14% decline at the benchmark NSE Nifty 50. It has risen x% in the last 12 months.

Fourteen out of the 23 analysts tracking the company have a 'buy' rating on the stock, one recommends a 'hold,' and eight suggest a 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 30.2%.