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In an effort to increase its footprint in renewable space, the Tamil Nadu Generation and Distribution Corporation (Tangedco) is planning to set up 20,000 mega watt (MW of solar power project with adequate battery storage, 3,000 MW of pumped storage hydro electric project, and 2,000 MW of gas based power units in the next ten years.
These projects may require loan to the tune of Rs. 1,32,500 crore. To provide technical expertise in developing renewable energy projects and for fund raising, Tangedco on Monday signed a memorandum of understanding with the Indian Renewable Energy Development Agency (IREDA), the largest lender in the RE sector.
The MoU was signed by Pradip Kumar Das, chairman and managing director (CMD) of IREDA and Rajesh Lakhoni, CMD of Tangedco in the presence of M K Stalin, the Chief Minister of Tamil Nadu. Under the MoU, IREDA will extend its technical expertise to Tangedco for renewable energy project development, bid process management, and implementation support.
IREDA will also assist Tangedco in debt raising through developing financial models, assistance in the understanding market instrument, underwriting services for the proposed debt requirement, and conducting pre-market surveys, road shows to generate interest amongst prospective investors.
The state government said in a statement that the renewable focus is being increased as thermal plants have to be retired one by one by the end of their plant life of 25 years. |
