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Business News/ Industry / Energy/  Tata Power plans 75K cr push for renewables
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Tata Power plans ₹75K cr push for renewables

Tata Power chairman Natarajan Chandrasekaran said that the company continues with a more focused and pragmatic approach to achieve the set renewable energy targets and has added 707 MW of renewable capacity during FY22

The announcement of massive investment in the renewable space comes at a time when several other industry giants including Reliance Industries and Adani Group have also announced plans for huge investments into the space.Premium
The announcement of massive investment in the renewable space comes at a time when several other industry giants including Reliance Industries and Adani Group have also announced plans for huge investments into the space.

NEW DELHI : Tata Power plans a capital expenditure of 75,000 crore in the renewable energy space over the next five years.

Speaking at the annual general meeting of the company, Tata Power Chairman Natarajan Chandrasekaran said that the company continues with a more focused and pragmatic approach to achieve the set renewable energy targets and has added 707 MW of renewable capacity during FY22. 

“This has increased our clean and green portfolio to 34% of total capacity and the company aims to raise it to 60% in the next five years," he said.

He further said that Tata Power is looking to scale its Generation capacity to over 30 GW by FY27 from current 13.5 GW with an increased clean energy portfolio from and by 2030 the company is eyeing to increase the share of renewable energy and 80% by 2030. 

The Chairman also said that the company holds a strong solar EPC (engineering, procurement and construction) order book of 13,000 crore and is also setting up a 4 GW solar cell and module manufacturing capacity in Tamil Nadu with an investment of 3,000 crore.

For the year FY23, the company has planned a consolidated capex of 14,000 crore which includes an 10,000 crore for the renewable space.

Chandrasekaran said that the company is equally focused on growing consumer centric and new-age energy solutions including solar rooftop, EV chargers, solar pumps, smart metering and energy management solutions, enabling power in the hands of the consumers. 

“To scale up these green businesses and solutions, your company also entered a strategic partnership and created a renewables platform which has got an investment of 4,000 crore from Blackrock Real assets and Mubadala Investment company," he said, adding that the company is committed to deliver strong performance in the transmission and distribution business, serving 12 million customers including 9 million customers in Odisha.

Talking of the company’s transmission and distribution business, the Chairman said that Tata Power will further optimize the Odisha discom operations, stabilise the acquisition in the transmission business and deliver phenomenal customer service, enabled by digitalization. Last year, Tata Power completed the acquisition of 51% stake in Western Electricity Supply Company of Odisha (WESCO) and Southern Electricity Supply Company of Orissa (SOUTHCO).

“Your company is on path to becoming an ESG benchmark in the power sector. In this pursuit, we have set ourselves on path for 3 key goals of becoming Carbon Net Zero by 2045, 100% water neutral by 2030 and zero waste to landfill before 2030," he said.

The announcement of massive investment in the renewable space comes at a time when several other industry giants including Reliance Industries and Adani Group have also announced plans for huge investments into the space. Government’s target of achieving 500 GW of renewable energy by 2030 and carbon neutrality by 2070 has also given a push to the industry to move towards to cleaner fuel and renewable sources of energy.

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Published: 07 Jul 2022, 09:09 PM IST
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