Tuesday, December 12, 2023

No plans to invest in new thermal capacity: Tata Power MD Praveer Sinha

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Over 50% of Tata PowerTata Power Company’s (Tata Power) total installed power capacity will be green by FY26, said CEO and MD Praveer Sinha on Wednesday, adding that the company does not plan to add any new thermal power capacity.”Currently, our clean energy portfolio is 5,500 MW. We have another 3,700 MW of renewable projects under implementation. With this, our clean energy capacity will reach at least 9,200 MW by FY26, which will be at least 50 percent of our total installed capacity,” Sinha said on Wednesday, adding that the company has no plans to invest in any new thermal capacity.

“We will continue to be very renewable energy focussed. At this stage, we are not taking up any thermal power project,” said Sinha.

On November 6, Union Power minister RK Singh said that India will add about 12 GW of coal-based power generation capacity by the end of this financial year amid a surge in power demand.Tata Power’s existing 5,500 MW clean energy portfolio includes 3,200 MW of solar, 1,000 MW of wind, and 1,300 MW of hydropower and gas capacities.

The commissioning of the 3,700 MW of wind and solar projects under execution is scheduled for the next 24 months, Sinha added.”The 3,700 MW does not include 2,800 MW of pumped storage projects, works on which will begin soon. If we add the 2,800 MW of pumped storage projects as well, then Tata Power’s total green energy installed capacity will touch 70 percent,” Sinha said.Tata Power’s current operational capacity consists of 62% thermal power. This, however, will come down to 49% by FY26 as new renewable energy capacities get added.

Tata Power reported an 8.7% increase in net profit and revenue in the September quarter on the back of robust performance across its core segments of transmission, distribution, and generation.

The company reported a net profit of Rs 1,017 crore for the second quarter of FY 24, over a consolidated profit of Rs 935.18 crore last year.

The consolidated revenue came in at Rs 15,738 crore compared to Rs 14,030 crore during the same period last year.

Currently, Tata Power’s order book comprises of group captive projects to the tune of Rs 2341 crore with orders of 161 MW in the second quarter of this fiscal.

Third-party rooftop order book stands at Rs 531 crore with 74 MW installed during the second quarter.

Sinha added that the company is looking at opportunities in the offshore wind and green hydrogen segment.

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