In his speech, Chandrasekaran further said that the company is looking to scale its generation capacity to over 30 GW by FY’27 from current 13.5 GW with an increased clean energy portfolio from current levels of 34 per cent to 60 per cent by 2027 and 80 percent by 2030.
As rivals, Adani Group and Reliance Industries (RIL) ramp up their clean energy portfolio with India transitioning to green fuels from fossil fuels, Tata Power on Thursday announced to invest over ₹75,000 crores in renewables in the next five years.
At the company’s annual general meeting, held virtually, Tata Power chairman N Chandrasekaran said the firm aims to have an electricity generation capacity of 30 GW during the same period with more than half coming from clean energy sources. Tata Power at present has a generation capacity of 13.5 GW with 34 percent contributed by renewable energy sources.
In his speech, Chandrasekaran further said that the company is looking to scale its generation capacity to over 30 GW by FY’27 from current 13.5 GW with an increased clean energy portfolio from current levels of 34 percent to 60 percent by 2027 and 80 percent by 2030.
He also told shareholders that the company has planned a ₹14,000 crore consolidated Capex in FY’23 with ₹10,000 crore in renewables. Tata Power added a renewable energy capacity of 707 MW in FY22.
The company holds a strong EPC order book of ₹13,000 crores and is also setting up a 4 GW solar cell and module manufacturing capacity in Tamil Nadu with an investment of ₹3,000 crores, Chandrasekaran said.
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, he also said.
To scale up these green businesses and solutions, the company has also entered into a strategic partnership and created a renewables platform which has got an investment of ₹4,000 crores from Blackrock Real assets and Mubadala Investment company, he added.
The company is equally committed to deliver strong performance in the transmission and distribution business, serving 12 million customers, including 9 million customers in Odisha, he stated. Further, he said that in the T&D (Transmission and Distribution) business, the company will further optimise the Odisha discom operations, stabilise the new acquisition in the transmission business and deliver phenomenal customer service, enabled by digitalisation.
He also informed that the company is on the path to becoming an ESG (Environmental, Social, and Governance) benchmark in the power sector.
In this pursuit, he stated the company has set three key goals of becoming carbon net-zero by 2045, 100 percent water neutral by 2030 and zero waste to the landfill before 2030. In FY 2021-2022, Tata Power’s generation revenue was up 28% and return on capital employed increased to 7.8% from 7.2% a year ago. The company declared a dividend of ₹1.75 per share in FY22.