TP Solar Ltd., a wholly owned subsidiary of Tata Power Renewable Energy Ltd., has received a significant contract worth Rs 455 crore to supply 300 MWp of ALMM-certified solar modules for the Mukhyamantri Saur Krushi Vahini Yojana (MSKVY) 2.0 project. The contract was awarded by Maharashtra State Power Generation Co. Ltd. (MSPGCL), as part of a larger 750 MWp tender finalized through a competitive e-Reverse Auction (eRA) process.

The ALMM-certified solar modules will be delivered to various locations across Maharashtra in the current year, marking a crucial step in the state’s solar energy initiatives. TP Solar operates India’s largest single-location solar cell and module manufacturing facility in Tirunveli, Tamil Nadu, which boasts a capacity of 4.3 gigawatts each for cells and modules. The plant, which represents a significant investment of Rs 4,300 crore by Tata Power, supports India’s goal of achieving self-sufficiency in solar cell and module manufacturing.

The solar modules produced at this facility incorporate advanced technologies such as TOPCon and Mono PERC, and align with Tata Power's commitment to a net-zero carbon future. With this contract, Tata Power reinforces its leadership in India’s solar energy sector, particularly in the rooftop and utility-scale solar segments.

In terms of Tata Power’s stock performance, shares closed 3.16% lower at Rs 351.90, compared to the benchmark NSE Nifty 50’s 1.14% decline. Despite this, 14 out of 23 analysts tracking the company have a "buy" rating, with an average 12-month price target implying a potential upside of 30.2%.