All major companies in the country are focusing on new energy for the next few years. You can estimate this from the ongoing Re-Invest 2024 in Gujarat.
Where the energy minister himself is claiming that by the year 2030 there is a commitment to invest 32 lakh crore rupees on new energy in the country. How can the Tata group be left behind in such a situation?
According to a private portal report, Tata Power is planning to spend 70 to 75 thousand crore rupees on new energy in the next 5 to 6 years. Let us also tell you what kind of information has been revealed in the report.
Tata Power plans to invest up to $9 billion to quadruple its renewable energy capacity to 20 gigawatts (GW) over the next five to six years, a private portal report quoted Tata Power CEO Praveer Sinha as saying.
Sinha said that the company will invest Rs. 700 billion ($8.36 billion) to Rs. 750 billion ($8.95 billion) and will finance the plan through a mix of internal accruals and debt.
Sinha said Tata Power, which currently has 5 GW of renewable energy capacity in major projects, will add another 5 GW of capacity in the next one to two years and expand it to over 20 GW by 2030.
Tata Power Company, part of the salt-to-software maker Tata Group, has over 8.8 GW of power generation capacity through thermal plants and aims to generate 100 percent clean power by FY 2045. Sinha said it is also coming up with customized solutions for 24/7 power using a combination of solar, wind, battery storage and pumped storage.
Indian companies are rapidly increasing their renewable energy capacity, with the government aiming to add at least 500 GW of clean energy by 2030 to reduce emissions.
Union New and Renewable Energy Minister Prahlad Joshi said on Tuesday that commitments have been made to invest a total of Rs 32.45 lakh crore in renewable energy projects by 2030. During the fourth Re-investment 2024 here, the Union Minister said that state governments have given 'resolution letters' for 540 GW capacity.
He said manufacturers have pledged additional production capacity of 340 GW in solar panels, 240 GW in solar cells, 22 GW in wind mills and 10 GW in electrolysers.
Joshi said that by 2030, the renewable energy grid will contribute a total of Rs. 32.45 lakh investment has been committed. He said that the Ministry of New and Environment Energy organized the conference in collaboration with industry body CII in which more than 7,000 people participated. About 100 companies participated in it.
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