Tata Power to invest $9 billion to ramp up green energy capacity

Tata Power plans to invest up to $9 billion to ramp up its clean energy capacity to more than 20 gigawatts (GW) over the next five to six years, in tandem with India’s ambitious target to achieve 500GW of clean energy generation by 2030.

The power company will invest ₹700-750 billion ($8.3-8.95 billion) to expand its capacity and aims to fund the plan internally, Tata Power CEO and MD Praveer Sinha told The Economic Times on the sidelines of the fourth edition of the global renewable energy investor’s meet and expo (RE-INVEST) in New Delhi.

Renewable energy is a part of its growth plans and the company will become one of the major players in the renewable space in the next few decades, Sinha said.

Tata Power has 5GW of renewable energy capacity and will add another 5GW in the next two years to expand its renewable power generation to more than 20GW by 2030, he said.

Tata Power, part of Tata group, has more than 8.8GW of thermal power generation capacity and has set an ambition to achieve 100% clean power generation by 2045.

The company is working on enabling uninterrupted power using a combination of solar, wind, battery storage, and pumped storage, Sinha added.

Addressing the media on Tuesday at RE-INVEST meet, Pralhad Joshi, union minister for new and renewal energy, said investors have promised investments worth ₹32.45 trillion in green energy by 2030.

Developers had committed an additional 570GW, and manufacturers have committed additional manufacturing capacities of 340GW in solar modules, 240GW in solar cells, 22GW in wind turbines, and 10GW in electrolyzers, he added.

Beyond the figures and numbers, Joshi also said that states, developers, banks, and financial institutions are making a big commitment to work together for a cleaner and sustainable India.