At Tata Power AGM, 30 GW Capacity Target For 2027 Firmly in Sight

Tata Power RE Subsidiary Gets LoA for 966 MW RTC Hybrid Renewable Power Project

On the back of a strong set of results in FY 22, Tata Power Chairman Natarajan Chandrasekaran, iterated the firm’s focus on renewables at the Annual general Meeting of shareholders. Capex of Rs 75,000 crores over the next 5 years in renewables is expected the take the share of renewables to over 60% during the time, even as the long term goal remains 80% by 2030. That will mean generation capacity going up from the existing 13.5 GW to 30 GW by Fy 27.

The firm’s consolidated revenues in FY22  increased by ~28% to Rs  42,576 crore as compared to Rs  33,239 crore in the previous year. The increase in revenue growth was mainly due to full year operation of Odisha Discoms, renewable capacity addition and execution of major solar EPC projects. Consequently, consolidated PAT also increased by ~50% to Rs 2,156 crore as compared to Rs 1,439 crore in the previous year.

“Your 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 the year. 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. The Company holds a strong EPC 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. In addition to this, the Company is equally focused on growing consumer centric and new-age energy solutions -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 at the meeting.

TATA Power Q4 Results Stay Strong, Eyes Faster Renewables Additions

Also Read

The firm is in the middle of a evaluation where it expects a ratings upgrade from key agencies, enabling it to stay competitive on fund raising going ahead too.

For Tata Power, a timely commitment to renewables in the past few years is finally paying off, with the firm among the most experienced players in the business, and each of it’s renewables segments performing well. A strong EPC book, aligned with its plans on the manufacturing side will make it a very strong player going ahead, in terms of its impact and contribution to India’s renewable goals.

Tata Power Net Profit Swells by 71% Signifying Comprehensive Growth

Also Read