Tamil Nadu Inks Multiple Clean Energy Pacts At Investor Conclave
Tamil Nadu has received investment commitments for renewable energy, battery manufacturing and green hydrogen as the state looks to expand its clean energy footprint.
The state struck non-binding agreements with prospective investors from across the world at an investor conclave in Chennai on Monday, according to statements released by companies and the local government.
Tata Power agreed to invest Rs 3,000 crore over 16 months on a 4-gigawatt solar cell and module manufacturing plant in Tirunelveli.
Gurugram-based ACME Group plans to set up a green ammonia and green hydrogen facility for Rs 52,474 crore in Thoothukudi. The project will have a 5,000 megawatt solar plant and 1.5 gigawatt of electrolyser capacity. Green hydrogen produced from this plant will be used to make green ammonia.
Tamil Nadu has also entered in a deal with U.S.-based Cubic PV for investing Rs 8,832 crore for a 4-gigawatt solar cell manufacturing facility. Lucas TVS also plans to set up a lithium-ion battery manufacturing facility near Chennai at an initial investment of for Rs 2,500 crore to tap the growing electric-vehicle market.
These deals underscore the state's push to present itself as an attractive investment destination for global capital. It is already the third-largest state for renewable energy in India with 16,604 MW of installed capacity.
Nearly a third of the state's power needs are catered to by renewable energy. And it has potential to more than double that, according to a study by an arm of the U.S. Department of Energy last year.
Though the state has not set a clean energy target, the Tamil Nadu Generation and Distribution Corporation earlier this year said it is planning to instal 20,000-MW of solar power plants by 2030.
The state, home to a quarter of India's wind power capacity, will host the country's first offshore wind project. The central government is set to issue a tender this year.
State Finance Minister P. Thiagarajan had last year said Tamil Nadu will have to hit net-zero emissions at least a couple of decades before the national target. "If India has targeted to achieve net-zero carbon emission by 2070, then a state like Tamil Nadu, which is the most urbanised, should target to achieve it by 2050."
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