Tata Power's Green Energy Portfolio Surges to Nearly 50% of Total Capacity

Tata Power's commitment to clean and sustainable energy continues to strengthen, as highlighted by Natarajan Chandrasekaran, the company's Chairman. With the imminent completion of 2.7 GW capacity in ongoing projects, Tata Power is poised to achieve an impressive milestone. Nearly half of its total installed capacity will be derived from clean and green energy spheres, reflecting a significant stride towards a more sustainable future.

At the company's Annual General Meeting, Natarajan Chandrasekaran emphasized their unwavering commitment to renewable energy. They have successfully added approximately 500 MW of capacity, resulting in a total operational renewable capacity of approximately 3.9 GW. Furthermore, with the ongoing completion of projects amounting to around 2.7 GW, their clean and green-based capacity is expected to reach close to 50 per cent of their total installed capacity.

In another notable development, the revenue generated from solar rooftop installations and captive solar engineering, procurement, and construction (EPC) projects witnessed remarkable growth in the last quarter of fiscal year FY23. Surpassing Rs 1,000 crore, the revenue doubled compared to the previous year.

Additionally, their presence in the electric vehicle (EV) charging market has been significant. They have successfully installed approximately 4,000 public and captive chargers, while their sales of home chargers have approached the impressive mark of 40,000 units.

Natarajan Chandrasekaran conveyed that the expansion plans of their company revolve around a swift and extensive network growth strategy. This involves targeting highways, fuel pumps, and bustling city locations by forging strategic partnerships and utilizing the company's cloud-based technology platform. By adopting this approach, your company aims to establish a broader presence and enhance its operational reach in key areas.

To achieve its growth targets, the company has outlined plans to invest approximately Rs 12,000 crore, representing a doubling of the capital expenditure (capex) compared to FY23. This significant investment will be allocated towards various strategic initiatives, including the establishment of a state-of-the-art 4 GW manufacturing plant, ongoing projects in the renewable energy sector, and the expansion of transmission and distribution businesses in Odisha, Delhi, and Mumbai. Additionally, the company aims to seize new opportunities that align with its overall objectives.

The progress of their 4 GW cell and module manufacturing plant in Tamil Nadu is commendable, and we anticipate the module line to be operational by October 2023, followed by the cell line towards the end of the year, Chandrasekaran stated. He further highlighted the company's expertise in revitalizing Discoms (Distribution Companies) successfully, which positions it well to explore opportunities in privatisation initiatives as and when policy reforms are implemented. The company remains vigilant and ready to participate in such ventures that align with its strategic objectives.