Tata Power has decided to increase the share of its renewable energy output to 30-40% by 2025, up from its earlier target of 20%, a top company official has said.
Currently, the private sector utility has an operational capacity of 9,156 mw, including 693 mw from hydel, 593 mw from wind and 60 mw from solar sources.
“The government has set an ambitious target of 175 gw renewable energy capacity by 2022. We have set a target of 20,000 mw of total capacity by 2025 and had initially set a target of 20% of it from the renewable sources,” Tata Power managing director and chief executive Anil Sardana told PTI in an interview.
He said the company has now decided to increase the share of renewal capacity up to 30-40% by 2025, which will mostly be led by solar power. Of the 175 gw, the government has set a target of 100 gw from solar and 60,000 mw from wind.
“Though solar is a very small part in our total portfolio, it will increase significantly over the period as the government is expected to bid out large scale projects to meet its target. For wind, on the other hand, we will continue to look at opportunities as and when they come,” he said.
When asked about its strategy to increase this capacity, he said: “We will be looking at both organic as well as inorganic growth for the same.”
The company currently has 682 mw capacity under execution and another 6,435 mw under development. On the international business, Sardana also said the company is looking at an equal share of revenues from all the four geographies it is operating now.
Currently, the international operations contribute a tad over 35% of the total income.
When asked whether he expects the income share of global operations to touch 50% soon, he said, “Currently, we are present in five geographies, including South Africa, Georgia, Vietnam, Indonesia and the home market. We are seeing good opportunities in all these markets and going forward we expect all the geographies to contribute equally to our total revenue”.