Tata Power said it generated more four times as much power from renewable sources like solar and wind in the financial year ended March, compared to the year before.
This was achieved partly due to an acquisition.
During the year, its renewable arm Tata Power Renewable Energy Limited completed the acquisition of WREPL which had 1,140 MW of renewable energy capacity.
It said the company generated 1.44 billion units of electricity that from renewable energy sources in the year compared to 329 million units in FY16.
For India as a whole, the rise is about 75% for solar and about 51% for wind. During the year, the total solar energy production in India is estimated at about 13 bln units — or about 1% of India’s total production of around 1,280 bln units for the country as a whole.
Tata Power’s total renewable generation capacity increased by 337 per cent in the year, it said.
During the year, Tata Power’s South African Joint Venture Company, Cennergi, started Commercial Operations of both its wind farms totaling 230 MW, making its India’s truly international power Company.
Tata Power together with all its subsidiaries and jointly controlled entities, has an installed generation capacity of 10466 MW, of which 31.44 MW is through clean energy, it said.
The total generation of Tata Power from clean energy sources is 7590 MUs.
Tata Power’s vision is to have 30-40% of the Company’s total generation capacity from non-fossil fuel sources by 2025. Tata Power’s renewable energy capacity this year crossed 2000 MW and green generation portfolio crossed the 3000 MW mark.
The company said it will grow its renewable capacity through organic and inorganic means over the next few years.
It completed commissioning of 100 MW wind farm at Nimbagallu, Andhra Pradesh and 50 MW Rojmal Phase-II in Gujarat and 15 MW solar plant in Belampally, Telangana in last quarter of FY17.
“We aim to create a focused renewable energy business in TPREL with a sustained growth trajectory,” said Rahul Shah, CEO, Tata Power Renewable Energy Limited.
“This achievement gives us confidence to further make progress in the renewable energy sector. We will continue to look for opportunities to acquire operating wind and solar plants, apart from Our Own Organic growth pipeline, to grow our generation portfolio.”