CHENNAI: Tangedco, the state-owned power company in Tamil Nadu, has signed agreements to purchase 2,900 megawatts of electricity from Neyveli Lignite Corporation, Solar Energy Corporation of India Ltd, and Power Trading Corporation of India Ltd.

Tangedco said in a statement that  Chief Minister M.K. Stalin was present at the power purchase agreement.

The state's average demand is 15,000 megawatts per year, with a peak demand of 17,000 megawatts during the summer. The 1000 MW power purchase deal with Solar Corporation of India was struck under the manufacturing connected inter-state transmission network (ISTS). According to the announcement, the cost of power is Rs 2.61 per unit and will meet the power utility's renewable power purchase commitment.

As per the agreement, Tamil Nadu will get power from the Solar Corporation of India beginning in the following fiscal year. The deal with the Power Trading Corporation is for 400 megawatts of power, which would be purchased at a rate of Rs 3.26 per unit. According to Tangedco, the contract is for three years.

India's merchandise Export climb $390 bn as of March 14: Goyal

Moody's downgrades India's growth forecast to 9.1 pc in 2022

India announces USD 1.79 billion in investments from its neighbours