Tata Power Gains as Subsidiary Signs MoU for 10,000 MW Renewable Energy Projects in Gujarat

12 Jan 2024 , 02:58 PM

Tata Power’s shares rose by 1% in early trade on January 12 following its subsidiary, Tata Power Renewable Energy, signing an MoU with the Gujarat government to develop 10,000 MW of renewable energy projects.

The memorandum was officially signed during the Vibrant Gujarat event, attended by key representatives from the Gujarat government and TPREL.

The projects are slated to be executed across multiple sites in the state, contributing to the renewable energy sector.

At the time of writing, Tata Power was trading at Rs 358.70 on the National Stock Exchange, reflecting a 0.42% increase from the previous close.

The 10,000 MW renewable energy projects encompass solar, wind, hybrid, RTC, peak, and Firm and Dispatchable Renewable Energy (FDRE), spanning 50,000 acres of government land.

This collaboration aligns with the goal of achieving 50% power generation from renewable sources by 2030 and entails a total investment potential of Rs 70,000 crore, with the potential to generate employment for over 3,000 individuals, according to the company.

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