Tata Power inks MoU with Assam Govt to develop 5000 MW of renewable project

Tata Power Company announced that it has signed a landmark MoU with the Assam Government to develop and tie up up to 5000 MW of renewable and clean energy, with Rs 30,000 crore investments, at the Advantage Assam 2.0 event.

According to an exchange filing, the company has inked the MoU with the Assam Government to support up to 5000 MW of renewable and clean energy projects, including solar, wind, hydro, and energy storage, over the next 5 years.

As part of this collaboration, the Assam Government will facilitate the identification and allocation of approximately 20,000 acres of encumbrance-free government land on a lease basis and assist in acquiring private land suitable for solar, wind, hydro, and energy storage projects.

Additionally, the state will support infrastructure development to ensure seamless transmission connectivity and promote the establishment of Renewable Energy Parks through state agencies.

The initiative will also include the identification of land for Group Captive sites, enabling industries and tea gardens to access clean energy under Assams land allotment and industrial policies. To accelerate project execution, the government has committed to providing single-window clearances for statutory approvals, financial incentives, and collaboration with research institutions for innovation in the renewable energy sector. Skill development programs will also be introduced to build a trained workforce for project implementation and operation.

Assam has made remarkable progress in the renewable and clean energy sector, harnessing its rich natural resources to unlock a renewable energy potential of 14,487 MW, with solar power leading the way. The state has set ambitious goals, aiming to achieve 500 MW of solar capacity by 2027. This collaboration aligns seamlessly with Tata Powers vision of accelerating Assams clean energy transition and supporting the state in achieving its renewable energy targets.

Meanwhile, Tata Powers subsidiary, Tata Power Renewable Energy, has signed another MoU with Assam Power Distribution Company Limited (APDCL) to drive renewable energy adoption and enhance energy efficiency across the state. This agreement focuses on scaling up rooftop solar projects under the Pradhan Mantri Surya Ghar Muft Bijli Yojana (PMSGY) while also contributing 3,000 direct job opportunities, reinforcing Assams clean energy transition and economic growth.

In the state, the company has already made significant strides, with a robust 20 MW solar rooftop capacity, over 300 EV home chargers, and more than 20 public EV charging stations. These efforts contribute to the states push for greener energy solutions and the adoption of electric vehicles.

Through these strategic collaborations, Tata Power continues to play a pivotal role in transforming Indias energy landscape. The companys efforts in Odisha and Assam reflect its strong commitment to renewable energy adoption and sustainable development, fostering a sustainable energy ecosystem aligned with Indias net-zero goals.

Dr. Praveer Sinha, CEO & managing director of Tata Power, stated, "These MoUs mark significant steps towards developing renewable and clean energy capacity, leveraging Assams 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 states energy security but also drive economic growth and job creation. Tata Power remains committed to delivering sustainable energy solutions that align with the Assam Governments vision for a greener future and Indias ambitious target of 500 GW of renewable energy capacity by 2030."

The official announcement was made on 25 February 2025, after market hours.

Tata Power Company is one of India's largest integrated power companies, and together with its subsidiaries and jointly controlled entities, it has an installed/managed capacity of 14,453 MW. The company has a presence across the entire power value chaingeneration of renewable as well as conventional power, including hydro and thermal energy, transmission & distribution, coal & freight, logistics, and trading.

The companys consolidated net profit rose 8.2% YoY to Rs 1,030.70 crore in the quarter ended 31st December 2024. Net sales increased 5.1% to Rs 15,391.06 crore in Q3 FY25 as compared with Rs 14,651 crore in Q3 FY24.

The scrip shed 0.98% to Rs 347.60 on the BSE.

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