Tata Power Renewable Energy inked a Memorandum of Understanding (MoU) worth Rs 700 billion with the Gujarat government, marking the largest agreement by a private entity in the renewable energy sector during the second day of the 10th Vibrant Gujarat summit. The MoU outlines plans to establish 10,000 MW of hybrid renewable energy projects in the state, with project locations including Dholera in Ahmedabad, Khavda in Kutch, and Banaskantha.

The proposed investments for solar, wind, and other hybrid projects are slated over a five-year period, commencing in 2024-25. These initiatives are anticipated to generate employment opportunities for 3,000 individuals, according to official sources. Tata Power Renewable Energy's commitment is part of the Rs 1.5 trillion worth of MoUs for the renewable sector signed.

Additionally, the Solar Energy Corporation of India (SECI) entered into two MoUs with Gujarat Urja Vikas Nigam (GUVNL) for 500 MW of power based on Solar Thermal Technology in Kutch and an additional 700 MW of Solar PV Project in Banaskantha district.

Serentica Renewables India plans to invest Rs 350 billion in setting up 6,000 MW of hybrid renewable projects at various locations, including Jam Khambhaliya, Khavda, Bhuj, and Banaskantha. The Gujarat State Electricity Corporation signed a Rs 200 billion MoU for developing 6,675 MW of solar projects at multiple locations in the state between 2025 and 2027. Similarly, Solairdirect Energy India entered into a Rs 172 billion agreement to develop a 2.3 GW renewable energy project.

In addition to these firms, Opera Energy and Grew Energy signed MoUs for Rs 50 billion and Rs 38 billion worth of renewable energy projects, respectively, all expected to be commissioned by 2026.