Tata Power to double capital expenditure in FY2022-2023

The company is allocating about $1.46b of investments this year.

Tata Power is planning to double its capital expenditure for the financial year 2022 to 2023 to reach around $1.46b (INR120b) in a bid to meet the company’s goals.

“Tata Power, being one of the largest integrated power players, is well positioned to take advantage of the growth opportunities in the sector. To meet the growth targets, Tata Power plans to invest about Rs 12,000 crore this financial year, which is double the Capex spent in FY23,” Tata Power Chairman Nataran Chandrasekaran said at the 104th Annual General Meeting.

“Given the company ’s successful track record in turning around Discoms, it will look to participate in privatisation opportunities as and when the policy reforms are undertaken,” he added.

Tata Power is looking into new technologies such as offshore wind and green hydrogen to ensure supply security and stability. Its renewable portfolio is at seven gigawatts (GW), of which 3.9GW are in operation and 2.7GW are under development.

The company also has an open order book of over 4GW of large utility-scale projects worth more than $2.07b (INR170b). It is also the leading solar rooftop provider in the country.

It plans to increase the share of its clean and green capacity to 70% by 2030 from the current 37%.

Up to 4GW of greenfield solar cell and module manufacturing are also being set up in Tamil Nadu to address supply chain challenges, it said.

$1 = INR82.08