Tata Power lines up Rs 75,000 cr capex in renewables

New Delhi, July 7 (Agency) Betting big on the renewables, Tata Power has planned a capex of over Rs 75,000 crore in the next five years and eyes to increase its green energy share to 60%. “Tata Power is looking to scale its generation capacity to over 30 GW by FY27 from current 13.5 GW with an increased clean energy portfolio from current levels of 34% to 60% by 2027 and 80% by 2030,” said Natarajan Chandrasekaran, Chairman, Tata Power at the annual general meeting (AGM) of the company on Thursday. The company declared a dividend of Rs 1.75 per share for financial year 2021-22.

Consolidated profit after tax (PAT) of Tata Power increased by 50% to Rs 2,156 crore in FY22 as compared to Rs 1,439 crore in the previous year. The increase was mainly due to improved performance across all businesses, full year operations of Odisha discoms and lower finance cost, according to a company statement. Consolidated revenue of the company in FY22 increased by 28% to Rs 42,576 crore as compared to Rs 33,239 crore in the previous year. “Your Company is on path to becoming an ESG benchmark in the power sector. In this pursuit, we have set ourselves on path for 3 key goals of becoming Carbon Net Zero by 2045, 100% Water neutral by 2030 and Zero waste to landfill before 2030,” Chandrasekaran said while speaking at the AGM.