India’s largest vertically integrated power company in the private sector has thrown its weight behind renewable energy.
The Chairman of Tata Power has announced that his company will add 15 gigawatts of renewable energy capacity over the next few years. The company currently has 1.8 gigawatts of solar and wind energy capacity operational and another 373 megawatts under development. Its subsidiaries offer EPC services and manufacture solar cells and modules.
According to the Chairman, Tata Power currently has the highest largest-ever EPC order book at over 2.8 gigawatts and is looking to expand its solar cell and module production capacity. The company has also managed to secure rights to develop around 1 gigawatt of renewable energy capacity over the last year.
Currently, 69% of Tata Power’s generation capacity is based on coal, including India’s largest thermal power plant at Mundra with 4 gigawatts capacity. The company has announced plans to increase the share of clean and renewable energy technology to 80% by 2030. The company also plans to achieve carbon neutrality by 2050.
The planned shift towards renewable energy is not only the result of supportive policies of the government but also makes commercial sense. Tata Power has had to support the Mundra coal power plant over the last few years. The power plant uses imported coal whose prices have increased sharply. The company was forced to seek support from regulators to ensure that the project remains profitable.
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