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Tata Power Co. Ltd — Capital/Financing Update 2023
Dec 1, 2023
60774_rns_2023-12-01_0ca22550-3263-4098-9b0a-0232539ea228.pdf
Capital/Financing Update
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December 1, 2023 BJ/SH-L2/
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BSE Limited National Stock Exchange of India Limited Corporate Relationship Department Exchange Plaza, C-1, Block G, Phiroze Jeejeebhoy Towers Bandra-Kurla Complex, Dalal Street Bandra (East) Mumbai – 400001. Mumbai – 400 051. Scrip Code: 500400 Symbol : TATAPOWER
Dear Sirs,
Sub.: Press Release
Please find enclosed the press release titled “Tata Power acquires Bikaner - Neemrana Transmission Project to boost Renewable Energy evacuation in India.”
This is for your reference and records.
Yours faithfully,
For The Tata Power Company Limited
HANOZ Digitally signed by HANOZ MINOO MINOO MISTRY Date: 2023.12.01 MISTRY 20:38:59 +05'30'
(H. M. Mistry) Company Secretary
Encl: As above
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Tata Power acquires Bikaner-Neemrana Transmission Project to boost Renewable Energy evacuation in India
- Project to enable evacuation of 7.7 GW of green power from the Bikaner Complex in Rajasthan
-Project's estimated cost is ₹ 1,544 crore and will be developed on Build-OwnOperate-Transfer (BOOT) basis
National, December 1, 2023: Tata Power (the Company), one of India's largest integrated power companies, has won the bid to acquire Bikaner-III Neemrana-II Transmission Limited, a project special purpose vehicle (SPV) set up by PFC Consulting Limited, a subsidiary of Power Finance Corporation.
The company received the letter of intent (LOI) after emerging as a successful bidder in the Tariff-Based Competitive Bidding (TBCB) process, as per the guidelines issued by the Union Ministry of Power.
The transmission project, which will be developed on a Build-Own-Operate-Transfer (BOOT) basis, will enable the evacuation of 7.7 GW of renewable energy from the Bikaner Complex in Rajasthan. The project entails the establishment of a ~340 kms transmission corridor from Bikaner-III pooling station to Neemrana II substation.
The Company will maintain the transmission project for a period of 35 years. The project is estimated to cost ₹ 1,544 crore and is expected to be commissioned within 24 months from the date of transfer of the project SPV.
Upon successful commissioning, the project will become a vital link in the roadmap unveiled by the Ministry of Power in 2022 for integrating over 500 GW of renewable energy capacity into the national grid by 2030.
About Tata Power:
Tata Power is a leading integrated power company and a part of Tata Group, India’s largest multi-national business conglomerate. The company has a diversified portfolio of 14407 MW, spanning across the entire power value chain - from renewable and conventional energy generation to transmission & distribution, trading, storage solutions and solar cells and module manufacturing. As a pioneer of clean energy transition in India, Tata Power has 5547 MW of clean energy generation, which constitutes 39% of its total capacity. The company has also committed to achieve carbon neutrality before 2045.Tata Power has established India’s most comprehensive clean energy platform, with offerings such as rooftop solar, microgrids, storage solutions, EV charging infrastructure, home automation et al. The company has also attracted global investors to support its growth and vision. Tata Power has successfully partnered with public and private entities in generation, transmission & distribution sectors in India, serving approx.13 million customers across the country. To know more about Tata Power, visit www.tatapower.com
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Disclaimer:
The following press release/announcement may contain forward-looking statements within the meaning of applicable securities laws and regulations. These statements are based on management's current views, expectations, assumptions, and projections regarding the Company's future performance, business plans, growth prospects, competitive and regulatory environment, and other related matters. Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results to differ materially from those expressed or implied in the statements. Factors that could cause actual results to differ materially from those contemplated in the forward-looking statements are not limited to changes in economic conditions affecting demand/supply and price conditions in the domestic and overseas markets in which the Company operates, alterations in the business environment, fluctuations in Government regulations, laws, statutes, judicial pronouncements, and other incidental factors.
The Company does not undertake any obligation to publicly update or revise any forward-looking statements based on subsequent events, information, or developments, except as required by applicable laws and regulations.
For further information, please contact: Jyoti Kumar Bansal, Chief – Brand & Communications, Tata Power Kimaya Patil Email: [email protected] 9833501007 [email protected] Siddharth Gaur – Head PR, Tata Power E-mail: [email protected]