Tata Power Renewable Energy Ltd (TPREL) plans to make investments worth Rs 70,800 crore for renewable energy projects in Tamil Nadu.
The company, part of Tata Power, has signed two Memoranda of Understanding (MoUs) with the Tamil Nadu government to support the development of the state's renewable energy landscape and accelerate the country's clean energy transition, a regulatory filing said on Tuesday.
The MoUs were signed on Monday.
Under the first MoU, TPREL plans to explore opportunities to develop 10,000 MW of renewable energy power projects across solar, wind, hybrid, RTC (Round The Clock), peak, Firm and Dispatchable Renewable Energy (FDRE) over the next five to seven years.
These renewable projects will be located over 50,000 acres of land in Tamil Nadu with an investment potential of nearly Rs 70,000 crore. This initiative has the potential to generate around 3,000 green job opportunities, according to the filing.
The second MoU is to increase the investment commitment to up to Rs 3,800 crore to set up 4 GW of solar cells and solar modules plant in two phases at Gangaikondan in Tirunelveli district.
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On July 4, 2022, the company had signed an MoU wherein the investment was pegged at Rs 3,000 crore and now, it is proposed to be increased to Rs 3,800 crore.
Overall, the company would set up an additional 300 MW each of cells and module line using the latest TOPCon technology, bringing the total plant capacity to 4.3 GW.
The investment of Rs 800 crore is to be made over the next two years.