Tata Power today said it will be building the country's first low-cost, high-efficiency floating solar plant in partnership with an Australian company which invented the technology.
Sunengy, the Australian company, and Tata Power will begin constructing a pilot plant that uses the Liquid Solar Array (LSA) technology from August this year, a press release issued here said.
LSA uses traditional concentrated photovoltaic technology but rather than mounting the cells on a frame, it is made to float on water, making it low-cost, cyclone-proof and less tedious as it does not involve any land acquisition, it added.
"It effectively turns a dam into a very large battery, offering free solar storage and opportunity for improved water resource management," the inventor of the technology and Sunengy''s Executive Director and Chief Technology Officer, Phil Connor, said.
Tata Power's Executive Director, Banmali Agrawala, confirmed the tie-up for the "nascent technology" and said this is a part of the company''s effort to invest in clean and eco-friendly technologies.
Tata Power stock price
On November 27, 2015, Tata Power Company closed at Rs 66.25, down Rs 0.1, or 0.15 percent. The 52-week high of the share was Rs 93.65 and the 52-week low was Rs 55.55.
The company's trailing 12-month (TTM) EPS was at Rs 3.58 per share as per the quarter ended September 2015. The stock's price-to-earnings (P/E) ratio was 18.51. The latest book value of the company is Rs 58.15 per share. At current value, the price-to-book value of the company is 1.14.
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