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MUMBAI: Tata Power Co says it will invest about 750 billion rupees (US$9.5bil or RM42bil) in renewables over the next five years as it aims to almost double the share of clean energy in its portfolio.
The company, with operations ranging from generation to transmission and retailing of power, will also expand into new areas such as solar irrigation pumps and electric vehicle charging, chairman Natarajan Chandrasekaran said at a virtual shareholder meeting.
Tata Power is also accelerating its net-zero target to 2045, Chandrasekaran said. The company had previously set a goal of hitting the mark by 2050.
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Tata Power had 9.7 gigawatts of fossil fuel generation capacity and 2.7 gigawatts of renewables at the end of 2021, according to filings.
It plans to raise the share of clean energy capacity to 60% in five years from about a third now, Chandrasekaran said. — Bloomberg
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