Tata Power is looking for funding from long-term capital providers such as foundations and sovereign wealth funds to give a further fillip to its micro grid initiative.
In November 2019, Tata Power, along with Rockefeller Foundation, launched an initiative to set up 10,000 micro grids over five years, in an effort to provide electricity across places where it is scarce or unavailable. In line with this, it formed a company TP Renewable Microgrid which will be operated and managed by Tata Power.
A micro grid is a mini version of an electric grid that serves a smaller geographic area, such as a college campus, and can power appliances like fans, refrigerators and TVs.
TP Renewable Microgrid and Rockefeller will implement this initiative in collaboration with Smart Power India (SPI) and the Institute for Transformative Technologies. SPI is an initiative of the Rockefeller Foundation which will give technical expertise and the Institute for Transformative Technologies works in the area of sustainable development. The initial micro grids are proposed to be set up in Bihar.