Tata Power Renewable Energy Ltd., a unit of Tata Power Co., has inked a Rs 73,800 crore renewable energy power project with the Tamil Nadu government.
TPREL plans to explore opportunities to develop 10,000 MW of renewable energy power projects across solar, wind, hybrid, RTC, etc. over the next five to seven years, an exchange filing said.
Investments of nearly Rs 70,000 crore will be made in renewable projects in the state, across nearly 50,000 acres, it said.
An additional investment of about Rs 3,000 crore will be made in an already existing MoU, signed on July 2, 2022, to set up 4 GW of solar cells and solar modules. The expansion will include the upgradation of the infrastructure and the setting up of an additional 300 MW each of cell and module lines, which will entail an investment of Rs 800 crore over the next two years, it said.
This collaboration is poised to contribute significantly to the renewable energy sector's growth and further solidify the state's position as a hub for clean and sustainable energy, the company said.
The MoU was signed at the Tamil Nadu Global Investors Meet in the presence of key representatives from the Tamil Nadu government and the company.
Shares of Tata Power closed 0.50% higher at Rs 340.65 apiece on the NSE, as compared with a 0.18% advance in the benchmark Nifty 50.
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