Tata Power Renewable Energy to invest INR 70, 800 crore in renewable energy projects

Tata Power Renewable Energy (TPREL), a subsidiary of Tata Power has announced plans to invest worth INR 70,800 crore in renewable energy projects in the Southern Indian state of Tamil Nadu.

TPREL signed two Memorandum of Understanding (MoU) with the Tamil Nadu Government officials on Monday (Jan. 8) in Chennai to support the growth of the state's renewable energy sector and accelerate India's clean energy transition, the company said in a regulatory filing. 

Under the first MoU, TPREL plans to explore opportunities to develop 10,000 MW of renewable energy power projects across solar, wind, hybrid, RTC, peak, firm, and dispatchable renewable energy (FDRE), etc. over the next five to seven years. Under this MoU, these renewable projects will be strategically located across nearly 50,000 acres of land in Tamil Nadu with an investment potential of nearly ₹ 70,000 crores, creating gainful employment opportunities in the region.

The second MoU posits a commitment to increase its investment in the existing MoU further, signed on July 4, 2022, to set up 4 GW of solar cell and solar modules, with an investment of ₹ 3,000 crore, in two phases in Gangaikondan in Tirunelveli District of Tamil Nadu.

The expansion will include upgrading the infrastructure and setting up an additional 300 MW each of cell and module lines using the latest TOPCon technology, bringing the total plant capacity to 4.3 GW. As per the new MoU, this project will entail an additional investment of ₹ 800 crore over the next two years.