Tata Power Company Ltd announced on Friday (March 7) that its subsidiary, Tata Power Renewable Energy Ltd (TPREL), has signed a memorandum of understanding (MoU) with the government of Andhra Pradesh to collaborate on renewable energy projects in the state.
Through this strategic partnership, TPREL and the Andhra Pradesh government will work together to investigate prospects for developing renewable energy up to 7,000 MW (7 GW), including hybrid projects with or without storage options, solar, and wind.
These projects rank among the biggest investments in renewable energy in the state, with an estimated cost of up to ₹49,000 crore.
With a potential investment of ₹10 lakh crore, Andhra Pradesh's Integrated Clean Energy (ICE) Policy seeks to develop more than 160GW of renewable energy.
Deepesh Nanda, CEO and Managing Director of TPREL, stated that "by leveraging our expertise and cutting-edge technology, this partnership will drive large-scale renewable adoption and contribute to India's sustainability goals." Developing up to 7GW of clean energy projects will help Andhra Pradesh strengthen its position as a renewable energy hub and accelerate its transition to a low-carbon economy."
To ascertain the viability of these projects, TPREL will carry out feasibility studies, development activities, and preliminary assessments as stipulated in the agreement. Infrastructure for evacuation, site identification, and facilitation would be provided by the New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP).
Tata Power Company Ltd.'s shares closed at ₹351.30, down ₹2.70 (0.76%) on the BSE.
