12-Jan-2024
2 mins read
In a significant move towards renewable energy, Tata Power’s shares saw an uptick after its subsidiary, Tata Power Renewable Energy Ltd (TPREL), inked a Memorandum of Understanding (MoU) with the Gujarat government. This agreement, aimed at developing a massive 10,000 MW of renewable energy projects, marks a substantial step in the company’s green energy journey.
A Platform for Sustainable Commitments
The MoU was ceremoniously signed at the Vibrant Gujarat event, attended by dignitaries from the Government of Gujarat and TPREL. This high-profile gathering underscored the importance of the initiative in the presence of key stakeholders.
Tata Power’s Stock on the Rise
Reflecting positive market sentiment, Tata Power’s stock witnessed a marginal increase, trading at Rs 358.15 on the National Stock Exchange. This 0.24 per cent rise from its previous close signals’ investor confidence in the company’s renewable energy trajectory.
A Comprehensive Renewable Energy Strategy
The ambitious project, encompassing solar, wind, and hybrid power, among others, plans to utilise about 50,000 acres of unencumbered government land. This initiative aligns with the goal of sourcing 50 per cent of power from renewable resources by 2030. With an estimated investment of Rs 70,000 crore, the project also promises to create over 3,000 job opportunities.