Tata Power Company Ltd. announced on 7th July 2022 that it will be investing about Rs. 75,000 crore in the Renewable Energy sector in the coming 5 years. The company made this statement in its Annual General Meeting.
Tata Power also stated that it targets a total power generation capacity of 30 GW by 2027, 60% of which will come from renewable sources. The company plans to increase this to 80% by 2030. At present, Tata Power has a generation capacity of 13.5 GW, in which the share of renewable sources of energy is about 34%.
Tata Power also stated that its planned CAPEX during FY-23 amounts to Rs. 14,000 crore, out of which Rs. 10,000 crore will be spent on developing clean energy generation facilities. The company recently signed a Memorandum of Understanding (MoU) with Tamil Nadu government for setting up a 4 GW capacity solar cell and module PV manufacturing plant.