Tata Group Led Renewable Energy Company Signs MoU with Andhra Pradesh for 7 GW Green Energy Projects, Investing Rs 49,000 Crore Under ICE Policy
Over the past year, the stock has seen a decline of 17.33 per cent, but it has achieved a 54.76 per cent return over three years.
Tata Power Renewable Energy Limited (TPREL), a subsidiary of The Tata Power Company Limited, has entered into a significant partnership with the Government of Andhra Pradesh. The two entities have signed a Memorandum of Understanding (MoU) to explore and develop renewable energy projects in the state, with a potential capacity of up to 7,000 MW (7 GW). This collaboration is aimed at advancing Andhra Pradesh's renewable energy goals and involves an estimated investment of approximately Rs 49,000 crore, marking it as one of the largest renewable energy investments in the region.
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The projects will include solar, wind, and hybrid energy solutions, potentially with storage options, all under Andhra Pradesh's Integrated Clean Energy (ICE) Policy. This policy envisions the development of over 160 GW of renewable energy, with an investment potential of Rs 10 lakh crore. The MoU not only supports the state's clean energy objectives but also promises to boost the local economy, create jobs, and foster skill development.
Mr. Deepesh Nanda, CEO & Managing Director of TPREL, emphasized the importance of this partnership in driving large-scale renewable adoption and contributing to India's sustainability goals. The New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP) will assist in site identification and infrastructure support, reinforcing TPREL’s commitment to India's clean energy mission.
Company Overview
Tata Power Company Limited, a part of the Tata Group, is a leading integrated power company in India. It boasts a diversified portfolio of 15.6 GW, with 6.7 GW dedicated to clean energy, accounting for 43 per cent of its total capacity. The company aims for carbon neutrality before 2045. Tata Power's current stock price is Rs 357, with a market capitalisation of Rs 1,13,946 crore. Over the past year, the stock has seen a decline of 17.33 per cent, but it has achieved a 54.76 per cent return over three years. The company’s PE ratio stands at 32.43.
Disclaimer: The article is for informational purposes only and not investment advice.