Mumbai/IBNS: Tata Power plans to invest up to $9 billion to more than quadruple its renewable energy capacity to over 20 gigawatts (GW) within the next five to six years, Reuters reported on Tuesday, citing the companys CEO Praveer Sinha.
The company aims to invest between 700 billion rupees ($8.36 billion) and 750 billion rupees ($8.95 billion) to achieve this expansion, with funding expected to come from a mix of internal accruals and debt, according to the report.
Currently, Tata Power has a renewable energy capacity of 5 GW in large-scale projects.
Over the next one to two years, it plans to add another 5 GW, with a target of surpassing 20 GW by 2030.
Renewable energy is a critical component of our growth, and we expect to be a major player in this sector for decades to come, Sinha was quoted as saying by Reuters.
Tata Powers Ltd., a part of the Tata Group, also operates 8.8 GW of thermal power generation capacity and aims to transition to 100 percent clean energy by fiscal year 2045, according to Reuters.
Additionally, Tata Power is developing customized solutions for round-the-clock power by integrating solar, wind, battery storage, and pumped storage systems, as per reports.
India is witnessing a growing push toward renewable energy, with the government targeting at least 500 GW of clean energy capacity by 2030 to cut emissions, reports said.
