Shares of Tata Power Company Ltd gained 1% on Thursday, 27 February, after the company announced signing a Memorandum of Understanding (MoU) with the Assam government to generate up to 5,000 megawatts (MW) of clean and renewable energy in the state.

In the upcoming five years, the company plans to invest Rs 30,000 crore in renewable energy and clean energy projects, such as energy storage, wind, solar, and hydropower.

As part of this collaboration, the Assam government would assist in locating and leasing some 20,000 acres of encumbered government property. Additionally, it will aid in the purchase of private property that might be utilized for hydro, solar, wind, and energy storage projects.

Additionally, the state will assist in the establishment of Renewable Energy Parks and infrastructure development to ensure continuous transmission connectivity through state agencies.

Tata Power Renewable Energy, a subsidiary of Tata Power, has signed a new Memorandum of Understanding with Assam Power Distribution Company Limited (APDCL) to encourage the use of renewable energy sources and enhance energy efficiency throughout the state.

In its regulatory filing, the company said, “The initiative will also include the identification of land for Group Captive sites, enabling industries and tea gardens to access clean energy under Assam’s land allotment and Industrial policies. To accelerate project execution, the Government has committed to single-window clearances for statutory approvals, financial incentives, and collaboration with research institutions for innovation in the renewable sector. Skill development programs will also be introduced to build a trained workforce for project implementation and operation.”

Moreover, the subsidiary of the company, Tata Power Renewable Energy, also signed an MoU with Assam Power Distribution Company Ltd to accelerate renewable energy adoption and improve energy efficiency across the state. The MoU aims to increase rooftop solar projects under the Pradhan Mantri Surya Ghar Muft Bijli Yojana (PMSGY).

Dr Praveer Sinha, CEO and Managing Director of Tata Power, said, “These MoUs marks significant steps towards developing renewable and clean energy capacity, leveraging Assam’s vast potential in solar, wind, hydro, and energy storage. With strong policy support, infrastructure development, and skill enhancement initiatives, this collaboration will not only strengthen the state’s energy security but also drive economic growth and job creation.”

However, at 12:25 pm, the shares of Tata Power were trading 2.73% lower at Rs 341.90 on NSE.

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