Tata Power’s renewable portfolio records 329% increase in Consolidated PAT in Q1FY18 vis-à-vis Q1FY17
Mumbai, 23rd August, 2017: Tata Power, India’s largest integrated power company, today announced that the Company’s renewable portfolio in India has registered a healthy consolidated PAT of ₹142.18 crore in Q1 of FY18, a 329% increase from Q1FY17. The renewable business capacity of Tata Power crossed 2000 MW and non-fossil fuel portfolio stood at 3144 MW, a 92% increase from the corresponding quarter last year. Another 500 MW of capacity is under construction by Tata Power Renewable Energy Ltd (TPREL), Tata Power’s wholly-owned subsidiary. The operating renewable portfolio of TPREL has grown to 1457.2 MW, comprising 530.2 MW wind and 927 MW solar respectively. In keeping with its commitment to generate 30% – 40% power by 2025 through clean energy sources, Mr. Anil Sardana, MD & CEO, Tata Power, said, “The vision that Tata Power, has for its business is to be a market leader in the energy sector, with firm roots in sustainability. The steady growth of our renewable & clean portfolio has been a matter of great pride for us. In the last 5 years, we have become the largest renewable energy player and going forward, we will continue to invest in renewable energy projects, both organic and inorganic, as well as in cutting-edge technologies to maximize shareholder value.”
Tata Power will continue to work towards ensuring its renewable business remains the largest renewable in the country.
About Tata Power:
Tata Power is India’s largest integrated power company with a growing international presence. The Company together with its subsidiaries and jointly controlled entities has an installed gross generation capacity of 10466 MW and a presence in all the segments of the power sector viz. Fuel Security and Logistics, Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading. It has successful public-private partnerships in Generation, Transmission and Distribution in India namely “Tata Power Delhi Distribution Limited” with Delhi Vidyut Board for distribution in North Delhi, ‘Powerlinks Transmission Ltd.’ with Power Grid Corporation of India Ltd. for evacuation of Power from Tala hydro plant in Bhutan to Delhi and ‘Maithon Power Ltd.’ with Damodar Valley Corporation for a 1050 MW Mega Power Project at Jharkhand. Tata Power is serving more than 2.6 million distribution consumers in India and has developed the country’s first 4000 MW Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology. It is also one of the largest renewable energy players in India with a clean energy portfolio of 3144 MW. Its international presence includes strategic investments in Indonesia through a 30% stake in the leading coal company PT Kaltim Prima Coal (KPC), 26% stake in mines at PT Baramulti Suksessarana Tbk (“BSSR”); in Singapore through Trust Energy Resources to securitize coal supply and the shipping of coal for its thermal power generation operations; in South Africa through a joint venture called ‘Cennergi’ to develop projects in sub-Sahara Africa; in Zambia through 50:50 joint venture with ZESCO for 120 MW Hydro which has become operational in 2016; in Georgia through AGL which is a joint venture with Clean Energy, Norway & IFC for development of 187 MW hydro project and in Bhutan through a hydro project in partnership with The Royal Government of Bhutan. With its track record of technology leadership, project execution excellence, world class safety processes, customer care and driving green initiatives, Tata Power is poised for a multi-fold growth and committed to ‘lighting up lives’ for generations to come”.