By Sagar Patel
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All the majors in the country are focusing on new energy for the next few years. You can guess this from the ongoing Re-Invest 2024 in Gujarat. Where the Power Minister himself claims that by 2030, the country has seen a commitment to invest Rs 32 lakh crore in new energy. In such a situation, how can Tata Group lag behind? According to a Reuters report, Tata Power plans to spend Rs 70,000-75,000 crore on new energy in the next 5-6 years. Let us also tell you what kind of information has surfaced in the Reuters report.
75 billion rupee plan
A Reuters report quoted Tata Power Chief Executive Praveer Sinha as saying that Tata Power plans to invest up to $9 billion to quadruple its renewable energy capacity to over 20 gigawatts (GW) over the next five to six years. Sinha said the company plans to invest between 700 billion rupees ($8.36 billion) and 750 billion rupees ($8.95 billion) to expand its capacity and will fund the plan through a combination of internal accruals and debt.
This is Tata Power’s plan
Sinha said Tata Power, which currently has 5 GW of renewable energy capacity in large projects, will add another 5 GW of capacity in the next one to two years and scale it up to over 20 GW by 2030. Tata Power Company, part of software maker Tata Group, has over 8.8 GW of power generation capacity through thermal plants and aims to produce 100 per cent clean energy by fiscal 2045. Sinha said it is also coming up with customised solutions for 24×7 power using a combination of solar, wind, battery storage and pumped storage.
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Investment of up to Rs 32.45 lakh crore
Indian companies are rapidly increasing their renewable energy capacity and the government aims to add at least 500 GW of clean energy by 2030 to reduce emissions. Union New and Renewable Energy Minister Pralhad Joshi on Tuesday said total investment commitments of Rs 32.45 lakh crore have been made in renewable energy projects by 2030. The Union Minister said during the fourth Re-Invest 2024 here that state governments have issued “resolution letters” committing 540 GW of capacity.
He said manufacturers have committed an additional manufacturing capacity of 340 GW in solar panels, 240 GW in solar cells, 22 GW in windmills and 10 GW in electrolysers. Joshi said a total investment commitment of Rs 32.45 lakh has been made in the renewable energy grid by 2030. He said the Ministry of New Energy and Environment in collaboration with industry body CII organised this conference in which over 7,000 people participated. Around 100 companies participated in it.
I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,
