In a bid to increase the green energy production in Tamil Nadu, Tata Power has vowed to invest ₹70,000 crore in the state. Tata Power made the announcement at the recently held Tamil Nadu Investor Meet 2024. This investment can very well be the biggest single investment by Tata Power in any state.
Tata Power Plans to increase the production of green energy in the state by 10 GW from solar and wind units in Tamil Nadu in the time period of the next 5 to 7 years. The memorandum of understanding (MoU) for the deal is likely to be signed on Monday. This comes after the company has already developed a 4.3 GW solar cell and module manufacturing facility in the city of Tirunelveli.
The CEO of Tata Power, in a statement, said “We are looking at investing Rs 70,000 crore. This will happen over a period of five-seven years. We are going to set up a 10 Gw solar and wind project in Tamil Nadu”. These developments can also benefit in the adoption of EV and Hybrid Electric vehicles.
Moreover, this investment can also have good effects on Tata Power’s share price of Tata Power. The company’s share price has already surged in the latter half of last year. The company’s share price has increased by almost 51% in the last 6 months.
