Share price of Tata Power Company gained over 1% today after the company secured a contract worth Rs 4,880 million from the Kerala State Electricity Board (KSEBL) to develop a 110 MW solar project.

The energy will be supplied to KSEBL under a Power Purchase Agreement (PPA), valid for a period of 25 years from the date of scheduled commercial operation. The company has won this capacity in a bid announced by KSEBL in September 2020. The project has to be commissioned within 18 months from the date of execution of the PPA.

The Plant is expected to generate about 274 MUs of energy per year and will annually offset approximately 274 million Kg of CO2.

With this, Tata Power's renewable capacity will increase to 4,032 MW, out of which 2,667 MW is operational and 1365 MW is under implementation including 110 MW won under this LOA.

Speaking on this achievement, Praveer Sinha, CEO & MD, Tata Power, said, "We are delighted to contribute towards the realisation of our country’s commitment towards clean and green energy through solar power generation."

Shares of Tata Power Company are trading at Rs 83.10, up Rs 1.25, or 1.53% at the Bombay Stock Exchange (BSE) on Friday at 11:17 a.m.

The scrip has touched an intra-day high of Rs 84.60 and low of Rs 82.90. The total volume of shares traded at the BSE is 1,160,476.

Currently, the stock is trading down 0.6% from its 52-week high of Rs 84.60 and above 207.78% over the 52-week low of Rs 27.