Shares of Tata Power Company hit a fresh 52-week high in early trade on Tuesday, on the back of sustained rally in the last three sessions. The Tata Group stock got a boost after its arm, Tata Power Renewable Energy Limited (TPREL), signed a solar power deal with Neosym Industry. In the recent past, TPREL has inked a slew of power deals with various companies such as Chalet Hotels Ltd, Sanyo Special Steel Manufacturing India, and others.

Continuing its gaining streak, Tata Power shares opened marginally higher at ₹260.20 against the previous closing price of ₹259.15 on the BSE. The power heavyweight gained as much as 1.3% to hit a fresh 52-week high of ₹262.50 in intraday, while the market capitalisation rose to around ₹83,000 crore.

The largecap stock has risen 44% in the last five months after hitting its 52-week low of ₹182.45 on March 28, 2023. Tata Power has given 9% returns to its shareholders in the last one year, while it climbed nearly 22% in the calendar year 2023. In the past six months, the counter witnessed a growth of nearly 23%, while it added 11% in a month, and 3% in a week.

In an exchange filing on Monday, Tata Power said that its subsidiary, TPREL has signed power delivery agreement (PDA) with Neosym Industry, a leading Gray & S.G. Iron casting, manufacturing company in India. The deal is for 26 megawatts (MW) alternating current (AC) group captive solar plant to generate 59 MUs of power, annually.

“The project, located at Jamkhed, Ahmednagar in Maharashtra with an anticipated electricity generation capacity of 59 million units annually will start from March 2024,” Tata Power said in the filing.

The plant is expected to reduce around 32,500 tonnes of carbon dioxide emissions annually. “This substantial reduction in greenhouse gas emissions aligns with India's commitment to combat climate change and underscores TPREL and Neosym's joint commitment to environmental stewardship.”

Earlier on September 1, TPREL signed a power delivery agreement of 'Group Captive Project' for 6 MW AC (8.75 MWp) with Chalet Hotels Ltd, an owner, developer, asset manager, and operator of high-end hotels, resorts, and a hotel-led mixed-use developer across India. 

The plant will generate 13.75 million units of clean energy from renewable sources under this arrangement. It will also reduce carbon emissions by 9,762 tonnes per year, aligning with the common vision of both companies to build a brighter, cleaner future for the hospitality industry.

Last month, TPREL entered into an agreement with Sanyo Special Steel Manufacturing India Private Ltd (SSMI) for a captive solar plant, with a capacity of 28.125 megawatts (AC). The solar plant is projected to produce annual electricity of 61.875 million units (MUs), which will meet the energy requirement of the steel manufacturing unit of “SSMI”.

The company also signed a pact for a 4.4 megawatts (AC) project with the ANAND Group, an automotive systems and parts industry major. Besides, TPREL also secured a letter of award (LoA) for a 966-MWRTC hybrid project, which is marked one of the largest industrial round-the-clock (RTC) power purchase agreements within the group captive segment in the country. 

As on date, the total renewables capacity of TPREL stands at 7,821 MW, including 3,689 MW projects under various stages of implementation. The company's operational capacity is 4,132 MW, which includes 3,139 MW solar and 993 MW wind.

TPREL is a developer of renewable energy projects (including solar, wind, hybrid, round-the-clock (RTC), peak, floating solar, and storage systems including battery storage) that it owns, operates, and maintains. Along with its extensive portfolio of renewable solutions, it has a solar cell and module manufacturing plant of 1.2 GW in Bengaluru and plans to set up a Greenfield 4 GW solar cell and 4 GW solar module plant. In addition, TPREL also provides electric vehicle (EV) charging solutions across various segments and other advisory solutions across the renewable sector.

DISCLAIMER: The views and opinions expressed by investment experts on are either their own or of their organisations, but not necessarily that of and its editorial team. Readers are advised to consult certified experts before taking investment decisions.

Follow us on Facebook, Twitter, YouTube & Instagram to never miss an update from Fortune India. To buy a copy, visit Amazon.