India’s Tata Power Doubles Profit From Renewable Energy Division To $27 Million
One of India’s leading private power generation companies, Tata Power, has reported a huge jump in profit from its renewable energy division.
In a press release, Tata Power reported that the profit from its renewable energy portfolio doubled to Rs 173 crore ($27 million) in the quarter ending September 2017. Tata Power counts large hydro power projects in its portfolio of clean energy sources.
While the company did not give a technology-wise breakout of the profits generated, they would have likely come from increased generation from hydro and wind energy projects and addition of new solar power projects in the portfolio.
Increased hydro and wind energy generation would have continued from the quarter ending June 2017 into the following quarter due to heavy rains and high speed winds in India. Solar power generation would have been comparatively lower during the period, however, Tata Power did acquire a massive portfolio of solar power projects from Welspun Energy — including one of the largest solar power projects in India with over 151 megawatts of capacity, located in Madhya Pradesh.
Tata Power Renewable Energy, a wholly owned subsidiary of Tata Power, had acquired 31 solar and 2 wind energy projects from Welspun Energy. The company itself has secured rights to develop several solar power projects, and recently commissioned a 30 megawatt project in the state of Maharashtra.
Tata Power has a gross generation capacity of 10,613 megawatts, including 3,210 megawatts of clean energy capacity. This, however, includes 693 megawatts of large-hydro power capacity, which is not considered renewable energy technology in India, yet.
The company owns 966 megawatts of solar and 1,140 megawatts of wind energy capacity across India. It also has interests in the renewable energy projects in other emerging markets, including South Africa, through partnerships.
Apart from its power generation business, Tata Power also has solar panel and cell manufacturing capacity. It recently increased panel manufacturing capacity from 200 megawatts to 400 megawatts and cell production capacity from 180 megawatts to 300 megawatts.
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