Tata Power Company said on Thursday (January 11) its subsidiary Tata Power Renewable Energy Ltd (TPREL) has entered into a memorandum of understanding (MoU) with the government of Gujarat.
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The pact, signed at the Vibrant Gujarat event, aims to develop 10,000 MW of renewable energy power projects spread across various sites in the state.
“The 10,000 MW Renewable Energy Power projects comprising solar, wind, hybrid, RTC, peak, and Firm and Dispatchable Renewable Energy (FDRE), covering an extensive 50,000 acres of encumbrance-free Government land, is scheduled to be developed in strategic locations across the state of Gujarat with a total investment potential of ₹70,000 crore, potentially generating employment for over 3,000 people,” according to a stock exchange filing.
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The signing ceremony, attended by key representatives from both TPREL and the government of Gujarat, marks a crucial step in realising the ambitious target of deriving 50% of power from renewable sources by 2030.
The envisaged 10,000 MW renewable energy power projects will encompass solar, wind, hybrid, RTC (round the clock), peak, and firm and dispatchable renewable energy (FDRE). The total investment potential is estimated at ₹70,000 crore, signalling a major infusion of capital into the renewable energy sector. Moreover, the initiative is expected to generate employment for over 3,000 people, contributing to the socio-economic development of the state.
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Shares of Tata Power Company Ltd ended at ₹357.25, up by ₹10.75, or 3.10%, on the BSE.
