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Tata Power, one of India's largest private power companies, plans to invest up to $5 billion to quadruple
its renewable capacity.
Tata Power CEO Praveer Sinha said the 103-year-old power company plans to increase the capacity of its cleaning capacity to 12,000 megawatts
by 2028.
This would require an investment of 40 million rupees ($594,000)
per megawatt.
According to Bloomberg calculations, the total investment in this scheme is as high as Rs 36,000 crore.
Praveer Sinha said: "Renewable energy is a big space
for our development.
That's what
we want to do.
The main new electricity in the future will come from solar energy
.
This will be utility-scale large-scale projects as well as residential and commercial rooftop solar projects
.
”
The company has previously said it expects half of its capacity to be based on non-fossil fuels by 2025, up from about 30 percent
now.
The energy transition sweeping the world is also driving India's energy reform
.
The Indian prime minister plans to achieve 175 GW of renewable energy installed capacity by 2022, of which 100 GW will come from solar
energy.
The move will also help Tata Power, the country's largest conglomerate, reduce its reliance on
coal plants.
Tata Power, one of India's largest private power companies, plans to invest up to $5 billion to quadruple
its renewable capacity.
Tata Power CEO Praveer Sinha said the 103-year-old power company plans to increase the capacity of its cleaning capacity to 12,000 megawatts
by 2028.
This would require an investment of 40 million rupees ($594,000)
per megawatt.
According to Bloomberg calculations, the total investment in this scheme is as high as Rs 36,000 crore.
Praveer Sinha said: "Renewable energy is a big space
for our development.
That's what
we want to do.
The main new electricity in the future will come from solar energy
.
This will be utility-scale large-scale projects as well as residential and commercial rooftop solar projects
.
”
The company has previously said it expects half of its capacity to be based on non-fossil fuels by 2025, up from about 30 percent
now.
The energy transition sweeping the world is also driving India's energy reform
.
The Indian prime minister plans to achieve 175 GW of renewable energy installed capacity by 2022, of which 100 GW will come from solar
energy.
The move will also help Tata Power, the country's largest conglomerate, reduce its reliance on
coal plants.
