Ratan Tata’s company Tata Power, a renewable energy company, is working on a plan to expand wind-solar hybrid projects across the country. As part of this initiative, the company is inviting bids for wind turbines with a capacity of over 3 gigawatts.
The Tata Group is synonymous with power and trust. The company has earned the trust of the nation through decades of hard work. From producing salt to manufacturing high-end automobiles, Tata Group has expanded its business across almost every sector. One of its companies, Tata Power, which is primarily focused on renewable energy, is performing exceptionally well and is on its way to becoming a major player in the sector. Tata Power is currently working on a plan to expand wind-solar hybrid projects across the country. As part of this initiative, the company is inviting bids for wind turbines with a capacity of over 3 gigawatts.
The plan is expected to unfold over the next three to five years, involving potential orders worth over Rs 21,000 crore. Notably, the cost of installing 1 megawatt wind energy is approx. 7 crore. As per Wednesday, shares of Tata Power’s shares were trading at Rs 461.40. Since last year the shares of the company have surged by 90 percent and in five years, the shares have risen by 700 percent. It is worth noting that since 1999 the stock has delivered a return of nearly 5,000 percent.
Prime Original Equipment Manufacturers (OEMs) like Siemens Gamesa, Senvion India, Envision Energy, and Suzlon Energy are in a heated competition for a substantial contract, The Economic Times reported citing sources.
Rewritten text: The deal could be split into multiple smaller agreements, aiming to ramp up to 5 gigawatts of capacity in the next half-decade. The total worth of the contract might eventually touch about 35,000 crores. Moreover, Tata Power has schemes to funnel close to $9 billion over the coming six years to amp up its green energy potential.
A spokesperson from the industry shared that Tata Power is now aiming to boost its wind power capacity by more than 1 gigawatt per annum. For the ongoing fiscal year, the firm has allocated a hefty Rs 20,000 crore as capital expenditure, out of which, half is earmarked for support of green energy projects. As for the balance, it is intended to be expended on distribution infrastructure, transmission lines, and coal-powered electricity generation plants.