Tata Power Co. recently said it would invest more than 750 billion rupees ($9.5 billion) in renewable energy over the next five years as it seeks to double the share of clean energy in its portfolio.
The company, whose businesses range from power generation to transmission and retail, will also expand into new areas such as solar-powered irrigation pumps and an electric vehicle charging network, Chairman Natarajan Chandrasekaran said at a virtual shareholder meeting. Tata Power is also accelerating its goal of achieving net zero emissions by 2045, Chandrasekaran said. The company had previously aimed to achieve the target by 2050.
At the end of 2021, Tata Power had 9.7 gigawatts of fossil fuel capacity and 2.7 gigawatts of renewable energy generation, according to reports. The company plans to increase its share of clean energy capacity to 60% within five years from about a third currently, Chandrasekaran said.