Rel Power gains over 6% as solar proj gets carbon credits nod
Mumbai: Shares of Reliance Power Tuesday soared by over 6 percent after the company's 100-MW solar power project in Rajasthan received approval for carbon credits under United Nations Framework Convention on Climate Change.
After surging nearly 8 percent to Rs 77 in intra-day trade, the stock finally ended at Rs 75.65, up 6.10 percent from its previous close on the BSE. At the NSE, the scrip settled 6.1 percent higher at Rs 75.65.
On the volume front, 74.69 lakh shares of the company changed hands on the BSE, while over 2 crore shares were traded on the NSE.
"This is the world's largest Concentrated Solar Power (CSP) project ever registered with the Clean Development Mechanism Executive Board (CDM - EB)," the company said in a statement.
CDM registration will allow the project to generate and sell Certified Emission Reductions (CERs) internationally. These CERs translates into direct revenues for Reliance Power.
Reliance Power has already got CDM registration for its super-critical technology based power projects.
"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," it said.
The CSP project in Rajasthan is the largest investment undertaken, by any private sector entity, in CSP technology, in India, the statement said.