Tata Power plans to invest INR 20,000 crore (over $2.39 billion) capex in FY 2024-25, over and above INR 12,000 crore invested in FY 2023-24, said N Chandrasekaran, chairman, Tata Power, at the company’s 105th Annual General Meeting (AGM) of shareholders for the Financial Year 2023-24.
Chandrasekaran said a large part of this investment will be towards accelerating the company’s renewable energy portfolio and balance towards transmission and distribution businesses. The company will also explore participation in small modular nuclear reactors, once the Government gives necessary permissions apart from new distribution expansion opportunities in other states, as and when these opportunities arise in line with Government policies.
Tata Power will focus on providing round-the-clock renewable energy especially to commercial and industrial consumers. It also eyes aggressive growth in rooftop solar, aiming for increased market share on back of PM Surya Ghar Yojana. The company targets 50 million consumers through distribution business expansion, from the present 12.5 million consumers
Tata Power’s consolidated revenue grew 10% to INR 61,542 crore in FY 2023-24. Profit after tax increased 12% to INR 4,280 crore. The company aims for 15 GW clean energy portfolio in five years from the existing 9 GW, both from existing and ongoing projects. It has set up a new 4.3 GW solar cell and module manufacturing plant in Tamil Nadu.
Tata Power has executed 2 GW+ rooftop solar projects so far and has an order book of INR 2,800 crore.
Tata Power is an integrated power company and a part of Tata Group, India’s largest multi-national business conglomerate. The company has a diversified portfolio of 14,453 MW, spanning across the entire power value chain – from renewable and conventional energy generation to transmission & distribution, trading, storage solutions and solar cells and module manufacturing.
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🌟 Tata Power is set to invest a whopping INR 20,000 crore in FY 2024-25! 🚀 This major investment will boost their renewable energy portfolio and expand transmission and distribution. Exciting times ahead with a focus on clean energy and rooftop solar growth. 🌞💡 #RenewableEnergy #TataPower