"Tata Power Plans ₹70,000 Crore Investment in Green Energy Ventures"

Tata Power Company is gearing up for a monumental investment of Rs 70,000 crore over the next five to seven years, focusing on establishing 10 gigawatts (GW) of solar and wind units in Tamil Nadu. If materialized, this investment could stand as the largest single investment by Tata Power in any state. The formal announcement of the 10 GW generation initiative is anticipated on Monday, with the signing of a memorandum of understanding (MoU) between the state government and Tata Power.

This substantial investment comes in addition to the company's plans for a new greenfield 4.3 GW solar cell and module manufacturing facility in Tirunelveli. The ambitious project aims to allocate the massive investment equally between solar and wind power, taking advantage of Tamil Nadu's abundant solar and wind resources.

Praveer Sinha, CEO and MD of Tata Power Company, affirmed the strategic choice of Tamil Nadu for this significant venture, emphasizing the state's favorable conditions for solar and wind energy. He highlighted the ongoing establishment of a large solar cell and module manufacturing facility in Tirunelveli, which will see an investment of Rs 4,000 crore.

Tata Power Renewable Energy (TPREL), a subsidiary of Tata Power Company, is set to contribute to this initiative with a 41 MW captive solar plant in Thoothukudi, supporting TP Solar Limited's new 4.3 GW solar cell and module manufacturing facility in Tirunelveli. The captive plant is expected to generate 101 million units of electricity annually, offsetting approximately 72,000 metric tonnes of CO2 emissions.

TPREL's expanding capacity, including the new captive solar plant, will reach 7,877 MW, encompassing projects at various stages of implementation and an operational capacity of 4,157 MW, comprising 3,154 MW of solar energy and 1,003 MW of wind energy.

Tata Power Company aims to double its profit and revenue in the next three years, with a significant focus on renewable energy. By FY27, the company has earmarked a capital expenditure of Rs 60,000 crore, part of which will be allocated to investments in Tamil Nadu. Praveer Sinha also disclosed the company's plans to enhance its charging infrastructure, targeting 25,000 chargers in the next five years, including both home and public chargers across the country.

BS