Tata Power will spend Rs 75,000 crore over the next five years to increase the capacity of its new energy industry, President N Chandrasekaran said on Friday.
A total of Rs 10,000 crore will be used in 2022-23 (FY23) to bring the total capital (capex) in the fiscal year to Rs 14,000 crore, said Chandrasekaran at the company’s 103rd annual general meeting. Ia.
Chandrasekaran, managing director of Tata Sons, Tata’s subsidiary, said Tata Power was working on a “pragmatic” approach in achieving its new energy goals and added 707 megawatts (MW). ) of the new power to 2021-22 (FY22). ).
“This has increased our clean and green database by 34 percent of its total capacity and the company expects to increase this to 60 percent over the next five years,” he said. to stakeholders.
Tata Power is strengthening its new energy business in time to its competitors – Adani and Reliance Industries (RIL) – which are also expanding their clean energy reserves amidst India’s infrastructure. convert green woods from fossil fuels.
RIL in June provided Rs 75,000 crore for renewable energy over three years and announced a three-part plan on solar power, hydrogen production, e-fuels, and with energy conservation under its “New Energy and New Materials” section. It will also create a platform for new energy projects that will provide a long -term global capability to implement these components.
Adani Enterprises said in September last year it would spend $ 20 billion (Rs 1.48 trillion) over 10 years in a new supply chain, including power, manufacturing. , taking and giving.
Tata Power is the first company in the region to announce a carbon-zero box. Tata Power Managing Director Praveer Sinha told Business Standard last year that the company would move from introducing coal-related power units to becoming net-zero in the form of carbon emissions by 2050.
The company has increased its net-zero carbon tank by five years to 2045. It expects 100 percent water-free and waste-free by 2030.
Chandrasekaran said on Friday that the company will set up a 4 Gw solar cell and power module in Tamil Nadu at a cost of Rs 3,000 crore, a memorandum of understanding signed last week with the state government. The company also has a Rs 13,000-crore engineering, sales, and construction commission for solar energy, he said.
“The industry is also looking at the growth of user-centric and new years of energy related to solar panels, electric car chargers, solar panels, smart meters and energy management systems, ”he said.
Chandrasekaran said the company had joined a development group, building a new power plant at a cost of Rs 4,000 crore.