CORPORATE
Tata Power to invest $9 bn to quadruple green energy capacity to over 20 gw
- IBJ Bureau
- Sep 18, 2024
Tata Power plans to invest up to $9 billion to more than quadruple its renewable energy capacity to over 20 gw over the next five to six years, its CEO Praveer Sinha has said.
The company plans to invest $8.36 billion to $8.95 billion to expand its capacity and aims to fund the plan with a mix of internal accruals and debt, Mr Sinha adds.
Tata Power, which currently has 5 gw of renewable energy capacity in large projects, will add another 5 gw capacity in the next one to two years and expand that to more than 20 gw by 2030, Mr Sinha has said, adding: “Renewable is a very important part of our growth, and for the next few decades, we expect to be one of the large players in the renewable space.”
The company, a part of the salt-to-software Tata Group, also has more than 8.8 gw of power generation capacity via thermal plants and aims to achieve 100 per cent clean power generation by FY45. It is also coming up with customised solutions for round-the-clock power, using a combination of solar, wind, battery storage and pumped storage, Mr Sinha adds.
Indian companies are increasingly adding to their renewable energy capacity, with the government aiming to add at least 500 gw of clean energy by 2030 to reduce emissions.
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