Tata Power, one of India’s largest power generation companies has lined up a capital expenditure of ₹75,000 crores for renewable energy over the next five years, Chairman, N Chandrasekaran said to shareholders at the company’s 103rd annual general meeting. The focus on the renewable energy sector has led to steady growth of India’s renewable energy capacity over the years, crossing the 100 GW mark in FY22, with a share of renewable-based capacities moving up from 12% in FY12 to 28% in FY22, mainly driven by solar.
“The government backed policy initiatives along with the consistent fall in the cost of solar technology given a boost to the solar energy sector, making it attractive for domestic and international players. Tata Power is looking to scale up its generation capacity to over 30 GW by FY27 from the current 13.5 GW with an increased clean energy portfolio from current levels of 34-60% by 2027 and 80% by 2030,” Chandrasekaran said.
“The changing dynamics driven by maturing technologies have shifted the trend from plain standalone solar and wind projects to rising interest in more complex projects including hybrid, Round the Clock (RTC), peak power, floating solar, and storage. The government has been announcing multiple schemes towards addressing the issues in the distribution sector which are yet to gain momentum,” Chandrasekaran added.
The consolidated capital expenditure for FY23 stands at ₹14,000 crores, including ₹10,000 crores in renewable energy. The company claims to have a solar EPC order book of ₹13,000 crores. It added 707 MW capacity in FY22 in renewables. One of the other critical areas is increased participation of the private players in the transmission and distribution space to improve the operational efficiencies and financial performance of the distribution companies.
