CHENNAI: In a big ticket investment, Tata Power will sign an agreement with the state on Monday for an investment of Rs 70,000 crore, which includes Rs 60,000 crore fresh investment in renewable power generation projects in south and central Tamil Nadu in a period of seven years.
The company is proposing to establish up to 10 GW renewable power with a 50-50 combination of solar and wind projects, Dr Praveer Sinha, chief executive officer and managing director of Tata Power, said.
The company already has 41 MW renewable power projects under implementation and is expected to be operational in 12-18 months. Its solar cell and module manufacturing facility setup at the cost of `4,300 crore at Tirunelveli is likely to open in two months.
The company plans additional investment of Rs 60,000 crore spread over five to seven years. “TN has good wind and solar potential, favourable policies and talent,” Sinha said. It is also exploring options in off-shore wind energy with preliminary study. However, he said these are expressions of interest not a binding agreement.
The manufacturing plant has employment potential of more than 2,500 and the company has set the target to recruit 50% women employees. “We have already taken on board 1,000 women employees for the project,” he said. The power generation units will employ 100 people.
Tata power has set out massive expansion plans with an ambitious capital expenditure target of Rs 60,000 crore over the next three years. The company aims to utilise half of it to renewable power projects. Sinha said this is excluding the projects already completed and ongoing in TN.
Tata Power has set targets to achieve net zero by 2045 and its green energy mix currently stands around 37%. Tata Power Renewable Energy Limited, its subsidiary is set to achieve more than 15 GW of green power and bring 70% of the mix by 2030 and 100% before 2045. Currently its total capacity stands at 7,877 MW, including 3,720 MW of ongoing projects.
Tata Power, a leading player in electric charging infrastructure, currently has 5,000 public charging stations and plans to have 25,000 electric vehicle charging stations. “The main focus will be on home chargers and fleet charging,” he said.