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In the Annual General Meeting conducted on 7th July 2022, N Chandrasekaran, the Chairman of Tata Power said that the company will continue with a steady and realistic approach to achieve its renewable goals. The company has added 707 MW capacity in the last year 2022 in renewables with capital expenditure (CapEx) budget of over Rs. 75000 crores in the next 5 years.
The expected CapEx to be undertaken in the F.Y 2023 is Rs. 14000 crores, out of which Rs. 10000 crores will be used for renewables. The current clean and green portfolio of the company stands at 34% of total capacity and the Company aims to raise it to 60% in the next five years.
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N Chandrasekaran said,” The company has contributed significantly towards creating value for the stakeholders as demonstrated through improved Consolidated Return on Capital employed which increased to 7.8% as compared to 7.2% in the previous year and Consolidated Return on Equity which increased to 9.5% as compared to 6% in the previous year.”
The company has signed an MOU recently on July 4 with the Tamil Nadu Government to invest Rs. 3000 crores for setting up a greenfield 4GW Solar Cell and 4GW Solar Module manufacturing plant in Tirunelveli district of Tamil Nadu. This MOU intends to create more than 2000 employment opportunities, the majority being women employees.
The chairman also stated that equal focus is also been given to consumer-centric and new-age energy solutions -Solar Rooftop, EV Chargers, Solar Pumps, Smart metering, and energy management solutions, enabling power in the hands of the consumers.
Support of Rs. 4000 crores has also been received by the company from Blackrock Real assets and Mubadala Investment company through a strategic partnership to create a renewables platform.
-by Gautam
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