Tata Power’s Renewable Energy Capacity Crosses 2,000 MW Mark, Clean Energy Portfolio surpasses 3000 Mark

“We are happy to announce that Tata Power has registered a strong growth in renewables, which is one of our key focus areas through our recent acquisition of solar assets. The renewable energy business made a healthy contribution to PAT this year and we continue to be the largest renewable player in the country,”

Tata Power has announced that its renewable business has surpassed the 2,000 MW operating capacity mark with about 500 MW under construction. It has registered a healthy profit.

In keeping with its commitment to generate 30 per cent to 40 per cent power by 2025 through renewable sources of energy, the company added 1,350 MW of renewable capacity during the year, Tata Power said in a statement.

“We are happy to announce that Tata Power has registered a strong growth in renewables, which is one of our key focus areas through our recent acquisition of solar assets. The renewable energy business made a healthy contribution to PAT this year and we continue to be the largest renewable player in the country,” Tata Power CEO and MD Anil Sardana said.

The company aims to pursue a well charted growth strategy by demonstrating a high level of commitment towards cleaner sources of generation thus increasing the share of non-fossil fuel based generation output to 30-40 per cent by 2025, he said.

Tata Powers non-fossil fuel based green generation portfolio (comprising of hydro, waste gas, solar & wind) crossed the 3,000-mark to stand at 3,141 MW.

During 2016-17, Tata Power?s renewable arm Tata Power Renewable Energy Limited completed the acquisition of WREPL, which had 1,140 MW of renewable power projects.

On the international front, Tata Powers South African joint venture company, Cennergi, started commercial operations of both its wind farms totalling 230 MW, making its Indias truly international power company.

The company will continue to work towards ensuring its renewable business that remains the largest renewable in the country.

Key Financial Highlights: FY17 vs FY16

• Dividend recommended by Board at Rs.1.30 per share, same as last year.
• Consolidated PAT stood at Rs.1,397 crore (before share buyback impact from DOCOMO of Rs.651 crore) as compared to Rs.662 crore.
• Tata Power Group’s FY17 Revenue* stood at Rs.27,288 crore as compared to Rs.28,526 crore last year.
• Standalone PAT was at Rs.935 crore (before share buyback impact from DOCOMO of Rs.651 crore) as compared to Rs.1,355 crore

Key Financial Highlights: Q4 FY17 vs Q4 FY16

• Consolidated PAT stood at Rs. 389 crore (before share buyback impact from DOCOMO of Rs.651 crore) as compared to Rs. 22 crore in the corresponding quarter last year.
• Consolidated Revenue* stood at Rs.6,984 crore as compared to Rs.7,574 crore in the corresponding quarter last year.
• PAT stood at Rs.58 crore (before share buy back impact from DOCOMO impact of Rs.651 crore) as compared to Rs.371 crore in the corresponding period last year mainly due to higher interest & finance cost in current year and one off tax adjustment in previous year.
• Standalone Revenue* stood at Rs.1,950 crore as compared to Rs.2,019 crore in the corresponding period last year.

Key Business and Growth Highlights:

• Clean Energy portfolio crossed 3000 mark and stood at 3141 MW.
• Tata Power’s arm Tata Power Renewable Energy Limited has completed the acquisition of Welspun Renewables Energy Private Limited (WREPL) which has 1,140 MW of Renewable Power Projects.
• Tata Power Delhi Distribution achieved a benchmark reduction in AT&C losses at 8.59% as against 8.88% for the same period last year.
• 187 MW Hydro in Georgia is ready for commissioning.
• Tata Power’s South African Joint Venture Company, Cennergi, has started Commercial Operations of both the wind farms totaling 230 MW.
• In 2016, Tata Power’s consumer base crossed 2 million mark across the Country.
• Tata Power’s generation crosses 52,000 MUs for the first time in FY17.
• Tata Power’s wholly owned subsidiary Tata Power International Pte Limited and ICICI Venture created a platform company to facilitate investment in power projects in India
• Tata Power launched a universal Mobile Application for all its stakeholders along with employees and consumers of Mumbai & Delhi.
• The Javelin Joint Venture team, a partnership between Raytheon Company and Lockheed Martin signed a letter of intent (LOI) with Tata Power Company through the Strategic Engineering Division (SED), to explore co-development and production of the Javelin antiarmour missile system.
• Following the Hon’ble Supreme Court’s order on the Mundra UMPP case, CGPL has intensified its efforts to contain costs by alternate sourcing of coal and other initiatives to reduce cost.
• In April 2017, the Company won the bid for Distribution Franchisee of Ajmer Circle, & formed a Special Purpose Company “TP Ajmer Distribution Limited” & has signed the Distribution Franchisee Agreement with Ajmer Vidyut Vitran Nigam Limited to cater to the power requirements of customers in Ajmer, for a period of 20 years.
• IEL 62.5X2 MW units for Tata Steel Kalinganagar achieved full load operations.

With PTI Inputs