The company aims to provide clean power to nearly 5 million households across 10,000 grids. The first 200 grids have already been identified and will be rolled out in the next six months.
Tata Power and The Rockefeller Foundation on November 4 announced their new venture TP Renewable Microgrid Ltd.
"We anticipate supporting 1,00,000 rural enterprises, creating 10, 000 new green jobs and providing irrigation for 4,00,000 rural farmers. The microgrids will help farmers power the pumps when they require it," said Tata Power CEO Praveer Sinha.
More than 40 percent of rural enterprises in states like Bihar and Uttar Pradesh rely on non-grid sources of power such as diesel.
Dr Rajiv J Shah, President of Rockefeller Foundation, said that although official estimates indicate rural india has been electrified, more than 100 million people lack access to reliable power.
The company aims to provide electricity at lower cost than the government's Gram Jyoti Yojana.
"According to our pilot projects under Smart Power India, low income households are also willing to pay for power," said Shah.
The end- to-end infrastructure and capacity development for TP Renewable Microgrids will be given by Smart Power India (SPI).
SPI is an initiative by the Rockefeller Foundation which was launched in 2015. It provides renewable energy microgrids in Jharkhand, Bihar and Uttar Pradesh.In addition to building and operating microgrids, the company also intends to provide ancillary micro enterprise services to benefit communities.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.