Tata Power announced in early September that its subsidiary TP Saurya has received an official letter of award from Rewa Ultra Mega Solar for the development of a 330MW portion of the 500MW Neemuch Solar Park in the Indian state of Madhya Pradesh. The 330MW portion is divided into two contracts, one being 170MW and the other being 160MW. According to the coverage by local news agencies and energy news websites, the price for the 170MW contract is INR 2.14, whereas the price for the 160MW contract is INR 2.149. TP Saurya won the contracts through a process that include tariff-based competitive bidding and an e-reverse auction. Rewa Ultra Solar is an entity that has the Indian government as one of its major investors, and Tata Power is a utility owned by the Indian industrial conglomerate the Tata Group.
A ceremony was held for the awarding of the contracts. The event was attended by Shivraj Singh Chouhan, Chief Minister of Madhya Pradesh, and Ashish Khanna, president of Tata Power. The 330MW portion of the solar park will be used to meet the electricity demand from the Indian Railways and the Madhya Pradesh Power Management Company. The two contracts respectively entail a 25-year PPA. The development of the PV generation capacity is scheduled for completion within 19 months following the signings of the PPAs. Tata Power stated that by securing the tendered capacity from Rewa Ultra Mega Solar, its renewable energy portfolio has now reached 4.36GW, of which 2.9GW has been installed and 1.4GW is under development.