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Tata Power’s approach towards net zero industry

Tata Power’s approach towards net zero industry

Tata Power, a prominent player in the solar rooftop industry and one of the country’s biggest integrated power providers, is well-positioned to provide clean energy to millions of Indian households by endorsing the PM Suryodaya Yojana.

The goal of the programme, which was unveiled in the Interim Budget, is to install 10 million solar rooftops nationwide, ushering in a new era of sustainability and energy independence.

Since Tata Power has its own 4.9 GW of solar modules and cell production facilities in Tamil Nadu and Bengaluru, it would be the scheme’s main provider. A $425 million loan from the US International Development Finance Corporation (DFC) supports the Tamil Nadu manufacturing facility. The Tamil Nadu facility will be well-positioned to provide the scheme’s DCR (Domestic Content Requirements) modules during the current quarter. By Q1 FY25, the company will have its 4 GW cell manufacturing facility operating.

With the Ministry of New and Renewable Energy reintroducing the Approved List of Models & Manufacturers (ALMM) with effect from April 1, 2024, Tata Power’s investment in manufacturing and the start of commercial production at its Tamil Nadu site also bode well. The company’s investment in domestic production fills a long-standing void in India’s developing clean energy sector, which up until now has been largely dependent on imports.

In the rooftop solar market, Tata Power holds the largest share at 18 percent and is still rising. In 400 cities and towns, it has a strong network of 500 channel partners that service both the residential commercial and industrial (CNI) markets. Potential beneficiaries of the Suryodaya Yojana will be served by this network. To reach ₹ 952 crores in Q3 FY24, Tata Power’s rooftop solar installations generated revenue that increased by around 77 percent YoY. 

Tata Power, which has more than thirty years of experience and a substantial market share in India’s solar rooftop business, is in a unique position to take advantage of this chance. The company’s group captive and solar rooftop businesses have seen multi-fold growth, with a combined order book of over ₹ 1,900 crores. With a current order book above ₹ 2342 crore, the business has successfully installed 2000 MW of solar rooftops during the first half of the current financial year.

Tata Power’s expansion and investments in the solar rooftop market are a component of its broader plan to increase the sustainability of its operations and achieve carbon net-zero status by 2045. This is thought to be the company’s greatest contribution to India’s 2070 net-zero objective.

For more info visit: http://www.tatapower.com

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