NSE Note

Tata Power Renewable Energy Limited (the Company) has signed two Memoranda of Understanding (MoUs) with the Government of Tamil Nadu to support in the development of the state’s renewable energy landscape and accelerate India’s clean energy transition.

The signing ceremony took place on 8th January 2024, at Chennai Trade Centre, Chennai in the presence of key representatives from both the Government of Tamil Nadu and the Company. 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.

Under the first MoU, the Company 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 investment potential of nearly Rs 70,000 crs, potentially generating around 3,000 green job opportunities and transforming adjoining areas into employment hubs.

The second MoU signing highlights the Company’s commitment to further increase its investment in the existing MoU, signed on 4th July 2022, to set up 4 GW of Solar Cell and Solar modules, with an investment of Rs 3000 crore, in two phases in Gangaikondan in Tirunelveli District of Tamil Nadu. The expansion will include the upgradation of the infrastructure and setting up of additional 300 MW each of cell and module line using the latest TOPCon technology, bringing the total plant capacity to 4.3GW. As per the new MoU, this project will entail an additional investment of Rs. 800 crores over the next two years.

The investment plan by Tata Power reflects the shared commitment with Government of Tamil Nadu to drive economic growth, employment, and environmental sustainability through the renewable and clean energy projects in the State.

About Tata Power Renewable Energy Limited:

Tata Power Renewable Energy Limited (TPREL) is a subsidiary of The Tata Power Company Limited and is one of the country’s most significant renewable energy players. TPREL is a developer of renewable energy projects (including solar, wind, hybrid, round-the-clock (RTC), peak, floating solar, and storage systems including battery storage) that it owns, operates, and maintains. It also offers comprehensive green energy solutions for rural and urban areas like turnkey, EPC and O&M solutions for various business segments like utility-scale projects, solar rooftop, and solar pump systems. Alongside its extensive portfolio of renewable solutions, the company boasts a cutting-edge solar cell and module manufacturing plant in Bengaluru, with capacities of 530 MW for solar cells and 682 MW for modules. Additionally, the company’s 4.3 GW cells and module manufacturing plant, TP Solar has completed the construction of a 4 GW module manufacturing facility. Along with module, solar cell has commenced commercial production from the 2GW solar cell line. In addition, TPREL also provides electric vehicle (EV) charging solutions across various segments and other advisory solutions across the renewable sector. As on date, TPREL’s total renewable utility capacity is 10.9 GW (PPA capacity is 8.8 GW) including 5.5 GW projects under various stages of implementation and its operational capacity is 5.4 GW, which includes 4.4 GW solar and 1 GW wind.  Presently, the company’s solar EPC portfolio is more than 15 GWp of ground-mount utility-scale, over 2.5 GW of rooftop and distributed ground-mounted systems. TPREL aims to provide energy access to millions of people across the country via its integrated green energy solutions.

Know more: www.tatapowersolar.com

About Tata Power:

Tata Power Company Limited, a leading integrated power company and a part of the Tata Group, India's largest multinational business conglomerate, owns a diversified portfolio of 15.6 GW. This portfolio spans the entire power value chain, from renewable and conventional energy generation to transmission, distribution, trading, storage solutions, and solar cell and module manufacturing. As a pioneer in India's clean energy transition, Tata Power has 6.7 GW of clean energy generation, constituting 43% of its total capacity. Committed to achieving carbon neutrality before 2045, Tata Power has successfully partnered with public and private entities across India's generation, transmission, and distribution sectors, serving approximately 12.5 million customers nationwide.