Tata Power has entered into a Memorandum of Understanding (MoU) with the Rajasthan government, committing to an investment of ₹1.2 lakh crore during the ‘Rising Rajasthan Investor Meet’ in New Delhi, led by Chief Minister Bhajan Lal Sharma. The MoU focuses on developing renewable energy projects, establishing a solar module manufacturing plant, and creating EV charging infrastructure. This 10-year initiative aims to make Rajasthan a power-surplus state and supports India's goals of 500 GW of renewable capacity by 2030 and net-zero emissions by 2070. It also promises over 28,000 direct jobs and 1 lakh EV charging points across the state.

Following this announcement, Tata Power shares surged as much as 1.7% to reach an intraday high of ₹491.25 apiece on the BSE. At the time of reporting, Tata Power shares were trading 0.41% higher at ₹484.70, with a market capitalisation of ₹1,54,973.97 crore.

The stock opened higher today at ₹487.75, in sync with the strong broader market, against the previous close price of ₹482.70. Over the past month, the stock has jumped 11.95%, gained 19.17% in the last six months, and surged 46.82% year-to-date (YTD). On Friday, Tata Power shares gained as much as 2.5% to hit a 52-week high of ₹494.85 on the BSE.

The MOU encompasses the investments for the development of renewable energy projects, the establishment of a solar module manufacturing plant, solar rooftop installations, transmission and distribution initiatives, nuclear power plant, and EV charging.

The 10-year initiative is expected to support Rajasthan’s goal to become a power-surplus state, ensuring round-the-clock availability of clean, affordable, and reliable electricity.

The agreement aims to position Rajasthan as a key centre for renewable energy in India, contributing to the nation’s goal of installing 500 GW of renewable capacity by 2030 and reaching net-zero emissions by 2070.

Key highlights of the MoU:

- Out of ₹1.2 lakh crore, ₹75,000 crore is dedicated to renewable energy projects.

- Over 28,000 direct employment opportunities are expected in Rajasthan over the next 10 years.

- A 10,000 MW of renewable energy capacity (including 6,000 MW solar and 4,000 MW hybrid) to be developed across Bikaner, Jaisalmer, Barmer, and Jodhpur.

- A 2,000 MW solar module manufacturing facility with an investment of ₹2,000 crore in Jodhpur.

- Investments of nearly ₹ 20,000 crore will be allocated to upgrading Rajasthan’s grid infrastructure to reduce energy losses and improve overall power quality, while ₹10,000 crore for transmission systems, with an exploration of nuclear power development.

- A proposed investment of ₹1,000 crore to establish 1 lakh EV charging points across the state of Rajasthan, positioning the state as a key player in India's transition to e-mobility.

- Rooftop solar installations for 10 lakh households are planned to support the PM Surya Ghar Yojana.

With a portfolio that includes 1 GW of solar projects, 185 MW of wind projects, and 130 MW of rooftop solar installations, Tata Power already has a significant presence in the state.