Shares of Tata Power Company hit a 52-week high of Rs 361.85 on 12 January after a subsidiary of the company signed an MoU with the Government of Gujarat.

In its regulatory filing, the company said that its subsidiary, Tata Power Renewable Energy (TPREL), has signed an MoU (memorandum of understanding) with the Gujarat government to develop 10,000 MW of renewable energy power projects.

The company added, “The signing ceremony took place at the Vibrant Gujarat event earlier today in the presence of key representatives from both the Government of Gujarat and TPREL.”

These said projects will be developed at different locations around the state.

The 10,000-megawatt renewable energy project includes solar, wind, RTC, hybrid, peak, and Firm and Dispatchable Renewable Energy that will span across 50,000 acres of encumbrance-free Government land.

The company said that by working together, we can help achieve the challenging target of producing 50% of our power from renewable sources by 2030.

The projects have a potential combined investment of Rs 70,000 crore, and the company estimates that they could generate over 3,000 jobs.

At 12:22 pm, the shares of Tata Power were trading 0.41% higher at Rs 358.75 on NSE.