Tata Power today said it has bagged the contract for setting up a 150-MW solar project in the state from the Maharashtra State Electricity Distribution Company.
The company's subsidiary Tata Power Renewable Energy has bagged the contract and will sign a 25-year power purchase agreement with MSEDCL, a release said.
This project is a part of MSEDCL's 1,000 MW grid connected solar power projects for which the state utility had invited bids through competitive bidding process and e-reverse auction for a period of 25 years.
"Renewables is a focus area for us and we are looking at expanding in this space, especially solar. As we move forward, with the new technology coming in, we expect to do further improvement in PLFs," Tata Power chief executive officer and managing director Praveer Sinha said in the release.
Tata Power's vision is to have 35-40 per cent of the company's total generation capacity from non-fossil fuel sources by 2025.
Currently, the company's renewable energy capacity has crossed 2,000 MW and green generation portfolio (consisting solar, wind, waste heat recovery and hydro) has crossed the 3,400-MW mark.