Tata Power Renewable Energy, a subsidiary of the Indian energy company of Tata Power, has signed a Memorandum of Understanding (MoU) with the government of Tamil Nadu (southern India) to develop 10 GW of solar, wind, hybrid, Round The Clock (RTC), peak, Firm and Dispatchable Renewable Energy (FDRE) across 50,000 acres (202 km²) of land in the state. The scheme plans for an investment of INR708bn (US$8.5bn) over a period of five to seven years. The company has also signed a second MoU linked to an existing agreement (2022) to build a 4 GW solar cell and module factory in Tamil Nadu for an investment of INR38bn.
In addition, the French energy company Engie has signed an MoU with the government of Gujarat (north-western India) to develop 2.5 GW of renewable capacity in the Indian State by 2030. The agreement plans for an investment of INR172bn (US$2.1bn).
At the end of 2022, solar and wind accounted for 22% of installed capacity in India, with respectively 63 GW and 42 GW, while hydropower capacity surpassed 51 GW. India plans to increase its non-fossil fuel capacity to 500 GW.
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