Tata Power invests $750 billion in green energy

11 Jul 2022 CW Team

Tata Power, with a pragmatic approach, plans to invest $750 billion in renewable energy over the next five years to achieve a net-zero carbon target. By adding 707 MW of renewable capacity in 2021-22 (FY22), it will spend $100 billion in 2022-23 (FY23), bringing the total capital expenditure during the fiscal year to $140 billion.

At the company’s 103rd annual general meeting, Chandrasekaran, Chairman of Tata Sons, stated that the company has seen a 34% increase in its green portfolio and aims to increase this to 60% in the next five years.

As India accelerates its transition to green energy, green energy players such as Reliance Industries and Adani Enterprises have made significant investments in the renewable energy sector. Tata Power Managing Director Praveer Sinha stated that the company would transition away from investing in coal-based power units in order to achieve net-zero carbon emissions by 2050, which was then pushed back to 2045.

In order to achieve this goal, the company has invested Rs 30 billion in the establishment of a 4 GW solar cell and module manufacturing capacity in Tamil Nadu. The company also had a Rs 130 billion order book for solar energy, as well as a focus on growing consumer-centric and new-age energy solutions, said Chandrasekaran.

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