As the Tata group company increases its focus on green energy, Tata Power intends to invest Rs 55,000 crore in wind and solar power generation in Tamil Nadu over the course of the next five to seven years.
Speaking to Business Today on the fringes of the Global Investors Meet 2024 on Sunday, the company’s MD and CEO, Praveer Sinha, stated, “We are looking at investing Rs 70,000 crore for 10 GW of power across wind and solar over a period of 5-7 years.” He added that the amount comprises investments of Rs 15,000 crore that have been made for operational and ongoing projects in Tamil Nadu’s central and southern regions.
Thus, the net new investments, which total almost Rs 55,000 crore, will be formally disclosed on Monday, the second day of the summit.
The company aims to produce 70% clean and green energy by 2030 and 100% by 2040. The share of green energy is now less than 40%.
Because of the southern state’s strong winds and abundance of sunlight, Sinha continued, they are committed to investing in renewable power generation there. He indicated that the energy mix between solar and wind would be 50-50, or 5GW each.
According to him, Tamil Nadu will be among the states where Tata Power can generate the most electricity.
“Here, we also find talented people. We are hiring residents of the 50–100 km radius around the new manufacturing plant we are establishing in Tamil Nadu. Eighty percent of the two thousand operators will be female. In reference to their planned greenfield 4.3 GW solar cell and module manufacturing factory in Tirunelveli, he added, “We have already onboarded nearly 1000 women.”
In Bengaluru, the business has a 500 MW solar cell and module production facility.
With 5,000 public chargers and over 70,000 private chargers spread across the nation, Tata Power is also the largest supplier of EV charging infrastructure in India. “Over the next five years, we plan to add 25,000 EV chargers, mainly home chargers,” he stated.
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