Tata Power Company Ltd on Friday (March 7) said its subsidiary, Tata Power Renewable Energy Ltd (TPREL), has signed a memorandum of understanding (MoU) with the government of Andhra Pradesh to collaborate on renewable energy projects in the state.

Under this strategic agreement, TPREL and the government of Andhra Pradesh will jointly explore renewable energy development opportunities of up to 7,000 MW (7 GW), including solar, wind, and hybrid projects with or without storage solutions.

The estimated investment in these projects stands at approximately up to ₹49,000 crore, making it one of the largest renewable energy investments in the state.

Also Read: Tata Power arm TP Solar wins ₹632-crore contract for solar modules

Beyond contributing to Andhra Pradesh’s clean energy targets, the projects will provide a boost to the local economy, foster skill development and support livelihoods, ultimately contributing to the socio-economic growth of the state.

The proposed capacities would be set up under Andhra Pradesh’s Integrated Clean Energy (ICE) Policy, a landmark clean energy framework that aims for the state to develop over 160 GW of renewable energy with an investment potential of ₹10 lakh crore.

Deepesh Nanda, CEO and Managing Director, TPREL, said, “By leveraging our expertise and cutting-edge technology, this partnership will drive large-scale renewable adoption and contribute to India’s sustainability goals. Developing up to 7GW of clean energy projects will further strengthen Andhra Pradesh’s position as a renewable energy hub and accelerate its transition towards a low-carbon economy.”

Also Read: Tata Power Q3 Results: Profit up 10%, margin expands; Looks for opportunity in small nuclear reactors

As part of the agreement, TPREL will conduct preliminary assessments, feasibility studies, and development activities to explore the viability of these projects. The New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP) would be providing requisite support in terms of facilitation, site identification and support in evacuation infrastructure.

Shares of Tata Power Company Ltd ended at ₹351.30, down by ₹2.70, or 0.76%, on the BSE.