Jul 16, 2024 08:49 PM IST
Tata Power to invest ₹20,000 crore in FY25 for renewable energy and distribution business expansion
Tata Power will invest ₹20,000 crore towards capital expenditure (capex) in FY25, the company’s Chairman N Chandrasekaran said on Monday.
A large part of the capex will be spent towards accelerating the company’s renewable energy portfolio and balance towards transmission and distribution businesses, he told shareholders at the company’s 105th Annual General Meeting (AGM).
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“Tata Power plans to invest ₹20,000 crore capex in FY25. This is over and above the ₹12,000 crore invested in FY24,” said Chandrasekaran who is also the Chairman of Tata Sons.
Besides, Tata Power will also explore participation in small modular nuclear reactors, once the government gives necessary permissions apart from new distribution expansion opportunities in other states, he said.
The chairman said the company is aiming for 15 GW clean energy portfolio in 5 years from the existing 9 GW, both from existing and ongoing projects.
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It is also targeting 50 million consumers through distribution business expansion, from the present 12.5 million consumers, he said.
Tata Power is also in the process of setting up a 4.3 GW solar cell and module manufacturing plant in Tamil Nadu.
In the EV charging space, the company has 5,500 public and captive chargers in 530-plus cities, and 86,000-plus home chargers installed, the chairman informed the shareholders.
Tata Power is geared to solarize homes through its ‘Ghar Ghar Solar’ initiative under PM Surya Ghar Yojana. It has already executed 2GW-plus rooftop projects so far and has an order book of ₹2,800 crore, he added.
The Board of Directors recommended a dividend of Rs. 2 per equity share.
