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State-owned THDC India Ltd (THDCIL) has signed a pact to build 10,000-megawatt (MW) solar power projects entailing an investment of Rs 10,000 crore in Rajasthan. "THDC India Limited (THDCIL) signed the letter of intent (LoI) of 10,000 MW in Rajasthan with an estimated investment of Rs 40,000 crore for the establishment of renewable energy parks/ projects of 10,000 MW in the august presence of the chief minister, Rajasthan, and the Minister for Industry, Revenue and Energy, Government of Rajasthan," the company said in a statement.

On behalf of THDCIL, its Director (Finance) J Behera signed the LoI in Jaipur, which was accepted by Rajasthan Additional Chief Secretary Subodh Agarwal, who is also the CMD of RRECL.

The land bank will be allocated by the Government of Rajasthan through RRECL. The RE parks will be implemented through a special purpose vehicle in the term of a joint venture with RRECL in the ratio of 74:26.

With the above intent of investment in the energy sector by THDC India Ltd, it is expected that around 10,000 direct and indirect employment opportunities will be created during the peak time of construction, which will boost the local economy.

The project shall be commissioned between the third and fifth year in a phased manner. These mega ventures by THDCIL and RRECL will usher in the socioeconomic development of the project areas and also bring in cheap solar electricity in the region.

This will also contribute towards the RE capacity addition target of 500 gigawatts (GW) by 2030.

THDCIL Chairman and Managing Director Rajeev Vishnoi addressed the event through video conferencing.