NEW DELHI (Reuters) – India’s Tata Power said on Monday that it will invest about 1.2 trillion rupees ($14.32 billion) in northern state Rajasthan over the next 10 years, with majority of the money in the renewable energy projects.
Tata Power signed an agreement with the state for developing renewable energy projects, set up solar modules manufacturing plant, solar rooftops installations, transmission and distribution projects, nuclear power plant and electric vehicle charging.
About 750 billion rupees of the investment will go on renewable energy projects, with 10 gigawatt of renewable energy capacity to be developed across the state, the company said in a statement.
Tata Power, which currently has 5 GW renewable energy capacity in large projects, aims to add another 5 GW capacity in the next one to two years and expand that to more than 20 GW by 2030, investing up to $9 billion CEO Praveer Sinha told Reuters this month.
Indian companies are increasingly adding to their renewable energy capacity, with the government aiming to add at least 500 GW of clean energy by 2030 to reduce emissions.
($1 = 83.7730 Indian rupees)
(Reporting by Sethuraman NR, Editing by Louise Heavens)
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