Tata Power up 3% as arm to built 7000 MW renewable projects in Andhra
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Tata Power shares gained 3 per cent on BSE, logging an intraday high at Rs 361.85 per share. The company's subsidiary Tata Power Renewable Energy signed a memorandum of understanding (MoU) with the Andhra Pradesh government to develop up to 7,000 MW of renewable energy projects.
Around 10:08 AM, Tata Power share price was 2.08 per cent at Rs 358.6 per share on BSE. In comparison, the BSE Sensex was up 0.36 per cent at 74,599.93. The market capitalisation of the company stood at Rs 1,14,584.88 crore. The 52-week high of the stock was at Rs 494.85 per share and the 52-week low was at Rs 326.25 per share.
"Tata Power Renewable Energy Limited and Andhra Pradesh Government sign MoU to develop up to 7,000 MW of renewable energy projects," the filing read.
Under the agreement, Tata Power Renewable Energy and the Government of Andhra Pradesh will jointly explore Renewable Energy (RE) development opportunities of up to 7,000 MW (7 GW), including Solar, Wind, and Hybrid projects with or without storage solutions.
The project is valued at around Rs 49,000 crore, making it one of the largest renewable energy investments in the state.
The MoU is aimed at providing a boost to the local economy, fostering 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 State to develop over 160 GW of renewable energy with an investment potential of Rs 10 lakh crore, as per the filing.
As part of the agreement, Tata Power Renewable Energy 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 would be providing requisite support in terms of facilitation, site identification and support in evacuation infrastructure.
The Tata Power Company is an integrated power company and a part of the Tata Group, India's largest multinational business conglomerate, which owns a diversified portfolio of 15.6 GW. This portfolio spans the entire power value chain, from renewable and conventional energy generation to transmission, distribution, trading, storage solutions, and solar cell and module manufacturing.
In the past one year, Tata Power shares have lost 11 per cent against Sensex's rise of 1 per cent.
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