Tata Power unveils ₹70,000-crore green energy push in Tamil Nadu

In a major commitment to clean energy, Tata Power announced a ₹70,000-crore investment to develop 10 gigawatts (GW) of solar and wind power capacity in Tamil Nadu over the next five to seven years. This ambitious project aligns with the power giant's vision of achieving 70 per cent clean and green energy production by 2030 and complete carbon neutrality by 2040, according to a report by Economic Times.

Also Read | Why Tata Power share price is skyrocketing in FY24 — explained with five crucial reasons

Tata Power CEO and MD Praveer Sinha unveiled the plan at the Tamil Nadu Global Investors Meet (GIM) in Chennai on January 8. Sinha emphasised the crucial role of renewable energy in mitigating climate change and securing a sustainable future for India.

Tata Power's Renewable Energy Portfolio

Tata Power has an installed capacity of 982 MW wind power generation with plants spread across seven states of Maharashtra, Gujarat, Tamil Nadu, Karnataka, Rajasthan, Andhra Pradesh, and Madhya Pradesh, leading in promoting wind power generation in India, according to the company's website.

Additionally, Tata Power Solar has a portfolio of more than 11.5 GWp of ground-mount utility-scale, over 1.7 GW of rooftop and distributed ground-mounted systems, and over 1 lakh solar water pumps in India.

Also Read | Green energy stocks shine bright as India becomes global renewables leader; experts remain bullish

The stocks of Tata Power were trading in the green, up 0.13 per cent at ₹341.15, on BSE at 2:18 pm on January 8.

Tata Power's share price bottomed out at around ₹185 apiece level on the NSE at the end of March 2023, and since then, it has remained an ideal 'buy on dips' stock for investors. In the last two months, Tata Power's share price has been touching new highs regularly, and the share has delivered over 80 per cent return to its long-term investors in the current fiscal, as reported by Livemint earlier.

Meanwhile, India's renewable energy capacity crossed the 179.5 GW mark, making the country the 4th largest player globally in wind and solar power. This rapid green surge isn't just powering homes and industries; it's electrifying stock markets and driving India's ambitious climate goals, according to the REN21 Renewables 2022 Global Status Report.