Tata Power subsidiary signs two MoUs with Tamil Nadu for renewable energy development

The projects will be located across 50,000 acre of land in the state, and are likely to have an investment potential of around ₹70,000 crore, the stock exchange filing said, adding that this could potentially generate around 3,000 green job opportunities and transform the adjoning areas into employment hubs.

As per the second MoU, the subsidiary will look at increasing its investment in an existing MoU, which was signed on July 4, 2022, to set up 4 GW solar cell and modules, already having an investment of ₹3,000 crore. The same is to be done in two phases at Tirunelveli and Gangaikondan in Tamil Nadu.

"The expansion will include the upgradation of the infrastructure and setting up of additional 300 MW each of cell and module line using the latest TOPCon technology, bringing the total plant capacity to 4.3 GW. As per the new MoU, this project will entail an additional investment of ₹800 crore over the next two years," the stock exchange filing stated.

Tata Power shares were trading 0.59% higher at ₹340.95 apiece around 3pm on Tuesday, January 9.