Tata Power shares exchange lower regardless of accepting LoA for solar project

Tata Power

The stock of Tata Power was exchanging lower despite a declaration of LoA receipt from the organization on Wednesday. The organization, during the market hours on Wednesday, declared through stock exchange filing that it had gotten a letter of award (LoA) from Gujarat Urja Vikas Nigam Limited (GUVNL) to build up a 100 MW sunlight based project in Dholera solar park.
The public statement from the organization expressed that energy will be provided to GUVNL under a power purchase agreement (PPA). The agreement would be legitimate for a time of twenty-five years from the scheduled business activity date, according to the announcement by the organization.
The expressed task should be commissioned within fifteen months from the date of execution. According to the ongoing information from the organization, the aggregate limit, a work in progress in Gujarat would now remain at 620 MW after the finish of this venture. By and large, the plant is required to generate around 246 million units of energy for each year.
The price of the share fell as much as 2.5 per cent on the Bombay Stock Exchange to quote price at Rs 52.65 per share.

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