Reliance Power up 3% on carbon credits approval

Moneycontrol Bureau

Reliance Power shares jumped nearly 3 percent Tuesday after the power producer's 100-mega watt Rajasthan solar power project received approval for carbon credits, under the United Nations Framework Convention on Climate Change (UNFCCC).

The Anil Dhirubhai Ambani-led group company says it is the world's largest concentrated solar power project ever registered with the Clean Development Mechanism Executive Board.

The project is likely to generate 2.15 million carbon credits in first 10 years of operations.

"Along with the present registration, Reliance Power's has the world's largest CDM registered capacity of more than 12,000 MW with a potential to generate 60 million carbon credits in the next 10 years," the company said in its filing.

At 12:04 hours IST, the stock was quoting at Rs 73.25, up 2.73 percent on the Bombay Stock Exchange.

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