Rs 7,38,00,00,00,000 projects: This multibagger power generation company signs MoU with Government of Tamil Nadu – know more here!
The stock gave multibagger returns of over 300 per cent in just 3 years whereas BSE Sensex Index is up by 47 per cent.
Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power Ltd, has entered into two Memoranda of Understanding (MoU) with the Government of Tamil Nadu, marking a commitment to advance the state's renewable energy sector and propel India's shift towards clean energy. This collaborative effort aims to make substantial contributions to the growth of the renewable energy sector and reinforce Tamil Nadu's status as a focal point for clean and sustainable energy.
Under the first Memorandum of Understanding (MoU), TPREL plans to explore opportunities to develop 10,000 MW of Renewable Energy Power Projects across solar, wind, hybrid, RTC, peak, Firm and Dispatchable Renewable Energy (FDRE), etc. over the next five to seven years. Under this MoU, these renewable projects will be strategically located across nearly 50,000 acres of land in Tamil Nadu with investment potential of nearly Rs 70,000 crore, potentially generating around 3,000 green job opportunities and transforming adjoining areas into employment hubs.
The second MoU signing highlights TPREL’s commitment to further increase its investment in the existing MoU, signed on July 4, 2022, to set up 4 GW of Solar Cell and Solar modules, with an investment of ₹3,000 crore, in two phases in Gangaikondan in Tirunelveli District of Tamil Nadu. The expansion will include the upgradation of the infrastructure and setting up of an additional 300 MW each of cell and module lines using the latest TOPCon technology, bringing the total plant capacity to 4.3 GW.
As per the new MoU, this project will entail an additional investment of ₹800 crore over the next two years. The investment plan by Tata Power Group reflects the shared commitment with the Government of Tamil Nadu to drive economic growth, employment, and environmental sustainability through renewable and clean energy projects in the State.
Tata Power is gearing up for a monumental four-year capex blitz of Rs 60,000 crore, strategically targeting diverse energy sectors to fuel its growth and meet soaring electricity needs. Nearly half, a whopping Rs 27,000 crore, will be poured into renewable energy projects, showcasing the company's unwavering commitment to clean energy and a sustainable future.
Additionally, a flexible Rs 12,000 crore capex allocation hinges on potential wins in transmission and distribution circles. With a robust order book of Rs 18,200 crore and a total capacity of 4,391 MW, Tata Power is poised for an electrifying future.
Tata Power Company Ltd is primarily involved in the business of the generation, transmission and distribution of electricity. The company has a market cap of over Rs 1 lakh crore. The stock gave multibagger returns of over 300 per cent in just 3 years whereas BSE Sensex Index is up by 47 per cent, BSE Power Index is up by 184 per cent and BSE Utilities Index is up by 165 per cent. Investors should keep an eye on this Large-Cap power stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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