Tata Power is planning to add renewable energy projects to grow to 15 GW company in coming few years.
In the consumer renewables business, the company will focus on building scale in its rooftop solar, solar pumps, electric vehicle charging systems and home automation businesses.
The company has an operating capacity of 1,839 MW renewable energy capacity comprising 907 MW wind power and 932 MW solar power. Another 373 MW wind and solar capacity is under development.
The company currently has the highest-ever EPC order book and is expanding solar cells and modules manufacturing capacity. It also won over one GW renewables capacity projects during FY21.
The company continues to divest non-core assets to simplify the business. Apart from the sale of the defense business in 2021, it completed the divestment of its South Africa wind assets and shipping business.
In 2020, Tata Power completed acquisition of three distribution license areas in Odisha and one in April FY22. The company distributes power in Mumbai, Delhi and Ajmer, besides Odisha.