Latest News | Tata Power Renewable, Andhra Govt Join Hands to Develop 7 GW RE Projects at Rs 49,000 Cr Investment

New Delhi, Mar 7 (PTI) Tata Power Renewable Energy Ltd (TPREL) and the Andhra Pradesh government have signed an agreement to develop up to 7 gigawatts (GW) of renewable energy projects which will entail investments of around Rs 49,000 crore.

Under this agreement, opportunities will be explored to jointly develop solar, wind, and hybrid projects with or without storage solutions, TPREL said.

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The estimated investment in these projects stands at around Rs 49,000 crore, making it one of the largest renewable energy investments in Andhra Pradesh.

"By fostering investments and innovation, we aim to accelerate clean energy deployment while ensuring long-term economic and environmental benefits for the state.

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"We expect our landmark clean energy policy to generate investments of Rs 10 lakh crore and 7.5 lakh jobs for the people of AP," Minister for Information Technology, Electronics & Communications, and Human Resources Development of Andhra Pradesh, Nara Lokesh, said.

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 Rs 10 lakh crore.

Additionally, beyond contributing to Andhra Pradesh's clean energy targets, this MoU will provide a boost to the local economy, foster skill development and support livelihoods, ultimately contributing to the socio-economic growth of the state.

"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 7 GW 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," Deepesh Nanda, CEO & Managing Director, TPREL, said.

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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)