Tata Power Renewable Energy Ltd. has signed a Memorandum of Understanding with the Gujarat government to develop 10,000 megawatt renewable energy power projects, across multiple locations in the state.
The MoU worth Rs 70,000 crore, signed during the Vibrant Gujarat Summit, will help achieve the goal of generating 50% of power from renewable sources by 2030, an exchange filing said on Thursday.
The project includes solar, wind, hybrid, round-the-clock, peak, and firm and dispatchable renewable energy, and will be built on the 50,000 acres of encumbrance-free government land, the filing said.
The renewable energy power projects will also help create employment for more than 3,000 people, it said.
The MoU shows Tata Power Renewable's commitment to promote sustainable development, economic progress and employment in Gujarat, the filing said.
Tata Power Renewable is a wholly owned subsidiary of Tata Power Co. and is the primary investment vehicle of the Tata Group company to boost clean and renewable energy-based power generation capacity.
Shares of Tata Power closed 3.10% higher at Rs 357.25 apiece, as compared with a 0.09% rise in the benchmark BSE Sensex.
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