Tata Power is actively pursuing hydroelectric power projects both within India and internationally as part of its strategy to increase renewable energy share.
The company plans to increase the share of renewable energy to more than 50% in the next 14 months, reported Bloomberg.
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The move aligns with the Indian Government’s objective, led by Prime Minister Narendra Modi, to produce 500GW of power from non-fossil fuel sources by 2030 and address India’s position as the world’s third-largest emitter of greenhouse gases.
In an interview with Bloomberg Television, Tata Power chief executive officer Praveer Sinha said: “We have already identified two projects, and work has started for the first project.”
As of 31 December 2024, hydroelectric power represented approximately one-tenth of India’s energy capacity.
The company is planning its first project with a 1GW capacity, expected to be operational by the end of March 2029.
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By GlobalDataA subsequent project with a 1.8GW capacity is slated for completion a year later.
Tata Power currently has an installed capacity of 14.45GW with renewables accounting for nearly 40% share. The company is also conducting feasibility studies on two potential projects in its existing reservoirs.
Sinha disclosed that in addition to these developments, Tata Power is exploring opportunities to establish small modular nuclear reactors in collaboration with the government, following recent amendments to the Nuclear Power Act.
The move towards clean energy comes at a time when India’s financially beleaguered utilities are struggling to meet escalating electricity demand and lack the funds necessary for network upgrades that would facilitate greater integration of renewable sources.
On the international front, Sinha revealed that Tata Power has commenced construction on a 600MW hydropower plant in Bhutan and is in pursuit of two additional large-scale projects.
Sinha added: “By the end of this year, at least one of them will start working.”
In November 2024, Tata Power entered a memorandum of understanding with Druk Green Power to develop at least 5GW of clean energy generation capacity in Bhutan.
