Tata Power Company has signed a Memorandum of Understanding (MoU) with the Rajasthan government, committing to an investment of approximately ₹1.2 lakh crores in power distribution, transmission, and renewable energy projects.

What Happened: Tata Power and the Rajasthan government formalised the MoU on Monday at the Rising Rajasthan Investor Meet in New Delhi. The decade-long agreement aims to make Rajasthan a power surplus state, ensuring a 24/7 clean, affordable, and reliable power supply. Out of the total investment of ₹1.2 lakh crore, nearly ₹75,000 crore is dedicated to renewable energy projects.

The investment will span across various sectors, including renewable energy projects, manufacturing, transmission, distribution, nuclear power, rooftop installations, and electric vehicle (EV) charging.

The MoU includes plans for the development of 10,000 megawatts of renewable energy capacity across Bikaner, Jaisalmer, Barmer, and Jodhpur, a 2,000 megawatts solar module manufacturing facility in Jodhpur, and a proposed ₹1,000 crore investment in setting up 1 lakh EV Charging points across Rajasthan. The agreement also aims to provide rooftop solar power for 10 lakh households to support the PM Surya Ghar Yojana.

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The agreement is projected to create over 28,000 direct jobs in the state over the next 10 years. It will also significantly contribute to India’s energy goals, making Rajasthan a leading renewable energy hub in India and supporting the country’s target to install 500 gigawatts of renewable capacity by 2030 and achieve net-zero emissions by 2070.

Earlier in the month, Tata Power Renewable Energy, a subsidiary of Tata Power, secured a 400-megawatt hybrid project from the Maharashtra State Electricity Distribution Company Limited, marking its most significant renewable energy project in Maharashtra to date.

Tata Power’s share price hit an all-time high of ₹494.85 following an upgrade from Morgan Stanley.

Price Action: Tata Power’s share price was down 0.6% to close at ₹482.60 on Monday.

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