Tata Power Renewable Energy (TPREL), a subsidiary of Tata Power, signed a power purchase agreement (PPA) with Tata Power Delhi Distribution (TPDDL), a joint venture between Tata Power and the government of Delhi, for supplying 510 MW of wind-solar hybrid power.

The PPA comprises 170 MW of solar and 340 MW of wind power.

Located in Karnataka, it is one of the largest hybrid projects in the country and is expected to be commissioned within 24 months from the PPA execution date.

TPDDL is expected to save an average of 1,540 million units of CO2 emissions annually through the purchase of hybrid renewable energy.

TPREL emerged as the winner for developing the project through a competitive bidding process, which was followed by a letter of award from TPDDL. It is an extension of the earlier letter of award of 255 MW received in December 2022.

TPREL won the TPDDL’s auction for 255 MW wind-solar hybrid power projects by quoting a price of ₹3 (~$0.037)/kWh.

Ashish Khanna, CEO of TPREL, said the partnership is significant in their quest to continue their journey as “one of the torchbearers of the green and clean energy transition.”

With the addition of this project, the total renewables capacity of TPREL has reached 6,303 MW with an installed capacity of 3,909 MW, which includes 2,981 MW solar and 928 MW wind, and 2,394 MW under various stages of implementation.

The company also has a solar cell and module manufacturing plant of 1.2 GW in Bengaluru. It plans to set up a Greenfield 4 GW solar cell and 4 GW solar module plant.

Earlier in the month, TPREL approved the allotment of 200 million compulsorily convertible preference shares to GreenForest New Energies. The shares have a face value of ₹100 (~$1.2) each at par, amounting to a total of ₹20 billion (~$242.4 million).

Solar module manufacturer Tata Power is among the bidders for the second phase (Tranche II) of the Production-Linked Incentive (PLI) program under the ‘National Program on High-Efficiency Solar Modules’ to achieve gigawatt-scale high-efficiency solar modules manufacturing capacity.