Tata Power Secures 324 MW Pumped Storage Order from SECI
Tata Power received a Letter of Award from SECI for a 324 MW / 2,592 MWh Pumped Storage Plant. The contract is for 40 years with an annual fixed charge of ₹351.3 crore. Supply to commence within 36 months of the PPA effective date.
The order is for a substantial capacity (324 MW) and a long duration (40 years), indicating a significant long-term impact on the company's operations and revenue.
The company has secured a significant new order, which is positive for its business growth and future revenue streams.
Tata Power Company Limited announced that it has received a Letter of Award (LOA) from Solar Energy Corporation of India Limited (SECI) for providing pumped storage services. This contract is for a 324 MW / 2,592 MWh Pumped Storage Plant (PSP).
The agreement includes providing energy storage services for a duration of 40 years from the Scheduled Commencement of Supply Date, based on an agreed fixed annual charge and cycle loss. SECI will sign a Pumped Storage Purchase Agreement (PPA) with Tata Power subsequent to the signing of a Pumped Storage Sale Agreement with buying entities.
The company is required to commence the supply of storage capacity within 36 months from the effective date of the PPA. The annual fixed charge is set at ₹1.0841826 crore per MW per year, with an annual cycle loss of 24.61%. This amounts to a total annual fixed charge of ₹351.3 crore for the 324 MW capacity. The order has been awarded by a domestic entity and does not fall under related party transactions.
What to do with a filing like this
Tata Power Company Limited filed this with the NSE as a statutory disclosure, categorised under new orders. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Tata Power Company Limited. Read the original for the full detail.