Tata Power Renewable Energy intends to invest Rs. 70,800 crore in renewable energy projects in Tamil Nadu

Investments of Rs 70,800 crore are planned by Tata Power Renewable Energy Ltd (TPREL) for renewable energy projects in Tamil Nadu.

As to a regulatory filing on Tuesday, the company, which is a part of Tata Power, has inked two Memorandums of Understanding (MoUs) with the Tamil Nadu government to facilitate the advancement of the state’s renewable energy landscape and expedite the nation’s clean energy transition.

This Monday, the memorandums were signed. Pursuant to the first Memorandum of Understanding, TPREL intends to investigate prospects for the development of 10,000 MW of renewable energy power projects in the following five to seven years, spanning solar, wind, hybrid, RTC (round the clock), peak, Firm, and Dispatchable Renewable Energy (FDRE).

Over 50,000 acres of land in Tamil Nadu would be used for these renewable energy projects, which have an estimated 70,000 crore rupees in potential investment. The filing states that this project has the potential to create about 3,000 green job opportunities.

In two stages, a 4 GW solar cell and solar module plant will be built at Gangaikondan in the Tirunelveli district, with an increased investment commitment of up to Rs 3,800 crore under the second memorandum of understanding. The investment was initially estimated to be Rs 3,000 crore when the company signed the Memorandum of Understanding on July 4, 2022, but it is now suggested to boost it to Rs 3,800 crore.

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