If the TFS server is setup and the reporting services are not configured, the newly created team projects will not have excel reports enabled in SharePoint project portal.
Once the TFS is configured with SSRS the Excel reports for SharePoint project portal can be configured following below instructions.
Check reporting is configured properly in TFS. Verify project collection configured for reports.
Go to the Project SharePoint portal settings.
Click Manage site features.
Deactivate Agile Dashboard.
Activate Agile Dashboard with Excel Reporting.
Excel reports are available for the SharePoint portal.
Dashboard is enabled with SSRS reports.