Indian power conglomerate Tata Power has signed a memorandum of understanding (MoU) with the Indian government of Assam to build up to 5GW of renewables.
As part of the collaboration, the company will invest INR300 billion (US$3.4 billion) in the state over the next five years. The projects will comprise solar PV, wind, hydro and energy storage.
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The eastern Indian state of Assam will facilitate the identification and allocation of nearly 20,000 acres of government land on a lease basis and assist in acquiring private land for the development of solar, wind, hydro and energy storage projects.
With the signing of this MoU, the state of Assam aims to harness its renewables potential, which it estimates to be nearly 14.5GW, with solar PV leading the way. Moreover, it expects to reach its target of 500MW of installed solar PV by 2027.
Tata Power’s subsidiary, Tata Power Renewable Energy has signed another MoU with state-owned utility Assam Power Distribution Company Limited (APDCL) to scale up rooftop solar PV projects under the Pradhan Mantri Surya Ghar Muft Bijli Yojana (PMSGY).
In its 2024 budget, the Indian government included a plan to install new rooftop solar systems on ten million homes across the country. The PMSGY includes a budget of INR750 billion to support the installation of rooftop PV with a capacity of up to 3kW.
This MoU will further accelerate the installed solar PV rooftop capacity the company has in Assam, which currently sits at 20MW.
Dr. Praveer Sinha, CEO & MD 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.”
