Tata Power is making significant progress in its renewable energy endeavors, achieving a key milestone in solar energy production. In a recent interview with CNBC-TV18, Praveer Sinha, CEO of Tata Power, announced that the company’s 4.3 GW solar module manufacturing plant near Tuticorin, Tamil Nadu, is now operating at full capacity after nearly a year of production.
Sinha also revealed that the initial 2 GW solar cell unit within the same facility has commenced operations, and the entire plant is expected to be fully functional by the end of October 2024. With this development, Tata Power will achieve a total manufacturing capacity of 4.9 GW each for both solar cells and modules, reinforcing its leadership in India’s renewable energy sector.
Discussing the Mundra plant in Gujarat, Sinha mentioned that despite some hurdles, the plant continues to function efficiently under Section 11 regulations. Tata Power is actively engaging with state governments to resolve challenges regarding the long-term power purchase agreement (PPA) and is optimistic about a positive outcome soon. The Mundra plant had previously halted operations due to the steep rise in imported coal prices, which made existing PPAs with five states financially unsustainable.
Sinha also addressed broader concerns related to climate financing, acknowledging the difficulties despite ongoing government efforts. He praised India’s progress in non-carbon energy, highlighting nearly 200 GW of generation capacity already achieved.
However, he emphasized that reaching the goal of 500 GW in the next six years will require a collective effort from developers, policymakers, and regulatory authorities. Sinha commended India’s proactive approach to climate change and expressed confidence in the country’s drive to meet these environmental targets.
On September 17, Tata Power’s stock closed 0.39% higher at ₹445 per share on the BSE. The Mumbai-based company currently holds a market capitalization of ₹1,42,224.56 crore and has delivered a 34% return so far this year.
