Exclusive | 51% of Tata Power's installed capacity to be green by FY26: CEO & MD Praveer Sinha

If we add the 2,800 MW of pumped storage projects as well, then Tata Power's total green energy installed capacity will touch 70 percent, Sinha said.

Tata Power Company Limited (Tata Power) will have 50.7 percent of its total installed capacity from green energy sources by FY26, its CEO and MD Praveer Sinha told Moneycontrol on November 8.

"Currently, our clean energy portfolio is 5,500 MW. We have another 3,700 MW of renewable projects (solar and wind) which are under implementation. With this, our clean and green energy capacity will reach at least 9,200 MW by FY26, which will be at least 50 percent of our total installed capacity," Sinha said responding to a query raised by Moneycontrol in a post-earnings interaction.

To be sure, the existing 5,500 MW clean energy portfolio of Tata Power includes 3,200 MW of solar, 1,000 MW of wind and 1,300 MW of hydropower and gas capacities.

The commissioning of the 3,700 MW of wind and solar projects under execution is scheduled for the next 24 months, Sinha said.

"The 3,700 MW does not include 2,800 MW of pumped storage projects, works on which are going to start soon. If we add the 2,800 MW of pumped storage projects as well, then Tata Power's total green energy installed capacity will touch 70 percent," he said.

Under Tata Power's current operational capacity, thermal power comprises 62 percent, which will be reduced to 49 percent by FY26 once the new renewable energy capacities are operational.

Sinha also clarified that the company has no plans to invest in any new thermal capacity henceforth. This is despite Union minister RK Singh saying on November 6 that the government has increased its thermal capacity addition plan from about 51,000 MW by 2031-32 to about 78,000 MW in view of the unprecedented surge in India's power demand. This plan of the government, will, however, be executed by Central and state-owned generation companies.

Tata Power on November 8, declared a consolidated net profit of Rs 1,017.41 crore for the second quarter of FY 24, registering an on-year growth of 8.79 percent over a consolidated profit of Rs 935.18 crore last year. The profit was driven by higher revenue from the company's core businesses of generation, transmission and distribution.

The consolidated revenue for the Tata Group company increased nine percent to Rs 15,442 crore compared to Rs 14,163 crore during the same period last year.

The company's shares closed 2.06 percent higher at Rs 254.95 on the NSE on November 8.