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Tata Power Renewable Energy Ltd., a subsidiary of Tata Power Co., has successfully finalised a colossal Rs 73,800 crore renewable energy power project in collaboration with the Tamil Nadu government. According to an official exchange filing, TPREL is set to embark on an ambitious venture, aiming to harness opportunities for the development of 10,000 MW of renewable energy power projects encompassing solar, wind, hybrid, RTC, and more over the next five to seven years.

The comprehensive investment plan entails a whopping Rs 70,000 crore injection into renewable projects across approximately 50,000 acres in the state. Additionally, an extra Rs 3,000 crore will be allocated to enhance an existing Memorandum of Understanding (MoU) signed on July 2, 2022, which focuses on the establishment of 4 GW of solar cells and solar modules. This expansion initiative includes infrastructure upgrades and the establishment of an additional 300 MW each of cell and module lines, requiring an investment of Rs 800 crore over the next two years.

Tata Power asserts that this strategic collaboration will play a pivotal role in propelling the growth of the renewable energy sector while consolidating Tamil Nadu’s standing as a leading hub for clean and sustainable energy. The Memorandum of Understanding was formalised at the Tamil Nadu Global Investors Meet in the presence of key representatives from the state government and the company.

In response to this monumental announcement, Tata Power’s stock exhibited a positive trend, closing 0.50% higher at Rs 340.65 per share on the NSE. This performance surpassed the 0.18% advance observed in the benchmark Nifty 50.

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