GUJARAT, India, Sept 17 (Askume) – India’s Tata Power (TTPW.NS) plans to invest up to $9 billion to quadruple its renewable energy capacity to more than 20 billion in the next five to six years, its Chief Executive GW Up Praveer Sinha said on Tuesday.
Sinha said the company plans to invest Rs 700 billion ($8.36 billion) to Rs 750 billion ($8.95 billion) to expand production capacity and aims to finance the plan through internal accruals and debt.
Sinha said Tata Power currently has 5 GW of renewable energy capacity in large-scale projects and will add another 5 GW in the next one to two years and expand it to over 20 GW by 2030.
“Renewable energy is a very important part of our growth and we hope to become one of the big players in the renewable energy sector over the next few decades.”
The company, part of the salt-to-software Tata Group, also has over 8.8 GW of thermal power generation capacity and aims to achieve 100% clean power generation by fiscal year 2045.
Sinha said the company has also proposed customised solutions for all-weather power supply by combining solar, wind, battery storage and pumped hydro storage technologies.
Indian companies are rapidly adding their renewable energy capacity, and the government aims to add at least 500 gigawatts of clean energy by 2030 to reduce emissions. (1 USD = 83.8250 Indian Rupees)
