TANGEDCO to set up 23 GW RE projects and 2 GW gas projects over ten years

The Tamil Nadu Generation and Distribution Corporation (TANGEDCO) has planned to develop 20,000 MW of solar power projects with adequate battery storage, 3,000 MW of pumped storage hydro-electric project, and 2,000 MW of gas-based power projects over the next ten years.

These projects are in line with TANGEDCO’s plan to increase the footprint in the renewable energy (RE) arena. These projects may require loans up to Rs 1,325 billion. TANGEDCO has signed a memorandum of understanding (MoU) with the Indian Renewable Energy Development Agency (IREDA). Under the MoU, IREDA will extend its technical expertise to TANGEDCO for RE project development as well as for 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.