Tata Power on Tuesday, January 9, informed the stock exchanges that its subsidiary Tata Power Renewable Energy Limited, has signed two MoUs with the Tamil Nadu government to support the renwable energy development of the state and to accelerate the India's transition to clean energy.
The MoUs were signed on Monday, January 8, at Chennai Trade Centre.
As per the MoU, the Tata Power subsidiary will look at developing 10,000 MW of renewable energy power projects across wind, solar, hybrid, peak, RTC, firm and dispatachable renewable energy, etc, over the next seven years.
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.
