 "Renewable energy, Tata Power")
By P R Sanjai
Tata Power Co. is targeting a near fourfold growth in its renewable generation capacity to 15 gigawatts by 2027 as the country’s second biggest private generator seeks to decarbonize operations.
The unit of Tata Group, one of India’s oldest conglomerates, has four gigawatts of operating renewable electricity capacity and another four gigawatts are under implementation, Praveer Sinha, chief executive officer, said in an interview at the sidelines of the Vibrant Gujarat summit.
“This will be a mix of solar and wind across many Indian states,” Sinha said, adding the company’s thrust to build pumped hydropower projects, a form of energy storage where two water reservoirs are built at different heights and water flowing down from the upper reservoir to the lower helps generate electricity.
Besides Gujarat, the company is tapping other Indian provinces with large potential for producing clean power. It reached an exploratory agreement early this week with the government of Tamil Nadu to invest 708 billion rupees ($8.5 billion) in clean energy projects.
The firm signed a preliminary deal with the southern Indian state to build 10 gigawatts of renewable energy projects and expand an existing plan for solar panel manufacturing to 4.3 gigawatts of capacity.
India aims to nearly triple its green power capacity to 500 gigawatts by the end of the decade and the nation’s top firms, including Tata Power, Adani Green Energy Ltd. and Reliance Industries Ltd., are championing the cause.
Green power currently accounts for 38% of Tata Power’s generation capacity and will grow to 70% by 2030 as the company embarks on its energy transition plan. By 2045, Tata Power aims to produce all its power from renewable sources.
