Tata Cleantech Capital (TCCL) is looking at growing its asset book to around Rs 5,500 crore by fiscal 2019, with nearly USD 120 billion debt funds expected to flow into the renewable energy space in the next five years. TCCL, a joint venture between Tata Capital and International Finance Corporation, currently has an asset/loan book size of Rs 2,400 crore. It has funded over 80 renewable energy projects, including wind, solar and small hydro and biomass, with a total capacity of 3,500 MW. “We are largely focused on funding clean energy projects and the government’s vision of 175 GW of renewable power capacity by 2022 gives us an immense opportunity.”
“It is estimated that USD 120 billion of debt fund will be required for these projects and this gives us the hope that we will be able to increase our exposure to nearly Rs 5,500 crore by FY19,” the company’s Chief Executive Manish Chourasia told PTI here. He said for the current fiscal, the company is expecting to nearly double its loan book to Rs 4,000 crore. “Our primary focus is to fund similar quality renewable assets and we expect to participate in the funding of around 10,000 MW generation capacity over next 2-3 years,” Chourasia said. He said though in the current portfolio of renewable energy projects wind-based generation has a larger share, going forward solar (both ground mounted and rooftop) will grow considering the number of projects being undertaken under various schemes of state and Central governments.
Recently, TCCL funded a 450 kW solar rooftop project set up by Avesta Solar at the National Centre for Performing Arts (NCPA) in the megapolis. TCCL disbursed a total of Rs 2.36 crore for this project. The company is also exploring funding options for energy efficiency as well as water sector projects. “There are two segments in this energy efficiency space — green buildings and LED lighting. We are also looking at certain infrastructure projects like roads, power transmission sectors and as and when there is good opportunity, we will fund them,” he said. Chourasia said the company is also looking at providing financial and techno-commercial advisory services to international firms looking to set up projects in India. “We are scaling up our expertise to provide financial and techno-commercial advisory services to international firms on how to set up the projects and how to bid for it. So our expansion will happen through the growth of our loan book and also through the advisory business,” he added.