Tata Power To Expand Green Capacity To 80% By 2030
Tata Power, India’s largest integrated power company as well as the ??largest integrated solar EPC company has towered among industry peers to emerge as the only company in the power sector to have made it to the top 10 most sustainable companies. During the year, Tata Power reported revenues of Rs 33,079 crore, generated profit after tax of Rs 1,439 crore. Tata Power completed the sale of its South African assets, shipping assets and defence business which, along with debt reduction have helped it in reducing its financing costs.
Praveer Sinha, CEO & MD, Tata Power Company said, ??“We believe a key step towards our transition towards carbon neutrality is to make sustainable products and services more affordable and accessible to our customers. This will enable us to strengthen our current stakeholder relationships and expand a suite of products and services that make our business more resilient as we move into the next decade of sustainability. With a deeply entrenched customer-centric strategy, we continue to leverage innovation and technology to develop affordable and low carbon energy solutions for our customers.”
Renewable energy push
The sustainability strategy at Tata Power is propped up on three pillars -- decarbonisation, circular economy and thought leadership. Tata Power plans to expand its clean and green capacity to 60 per cent by FY25 and 80 per cent by 2030 through a focus on solar as well as hybrid assets. Tata Power ended the year with 31 per cent clean energy capacity, more than 500 MW of rooftop solar, 12 million customers in the distribution business, acquisition of four discoms in Odisha, over 30,000 solar pumps, installation of more than 532 EV charging points in 92 cities and an order book of more than 2,800 MW for its solar business.
Today, with cumulative investments of Rs 22,555 crore in renewable energy, the company's total renewable energy portfolio stands at 4,008 MW. Of this, renewables make up more than 22 per cent of its domestic generation portfolio. Thermal power generation, on the other hand, stands at 50,803.7 million units, which contributes to around 5 per cent of the total generation.
To support the growth of India’s renewable energy ecosystem, the company has, in partnership with the government of India, established a clean energy lab that serves as an incubator for startups, entrepreneurs and innovators offering “lab to market” support in clean energy solutions.
Gender diversity
The share of women in the company is 12 per cent while the top management boasts of 6.82 per cent women. The company has targeted to increase the share to 18 per cent by FY25. Tata Power’s policies to support diversity include sabbatical and extended leaves for maternity, adoption and surrogacy, flexible timings post-maternity leave and performance rating protection for employees serving their maternity period. The company offers career development platforms for its women employees through ASPIRE mentorship and coaching programme, Tata Group’s special programmes for women employees in middle and senior management levels, Tata Second Career Innings programme and the Spouse and Ward Recruitment programme.
