India’s largest power company to electrify homes under national solar initiative
Tata Power is set to spearhead the PM Suryodaya Yojana, aiming to install solar rooftops across India with a substantial 4.9 GW manufacturing base.
JAMSHEDPUR – Tata Power, a frontrunner in India’s solar rooftop sector, is poised to illuminate millions of homes under the PM Suryodaya Yojana, a scheme launched to promote energy independence through the installation of 10 million solar rooftops.
With a solid presence in over 400 cities and an 18% market share in rooftop solar, the company’s network spans domestic, commercial, and industrial segments.
Tata Power’s Tamil Nadu and Bengaluru facilities, bolstered by a $425 million investment from the US International Development Finance Corporation, are ready to supply the necessary modules for the scheme.
The Tamil Nadu plant, in particular, is geared up to deliver Domestic Content Requirement (DCR) modules promptly.
This aligns with the Ministry of New and Renewable Energy’s Approved List of Models & Manufacturers, reinstating from April 1, 2024, marking a significant step in reducing reliance on solar imports.
The company’s revenue from rooftop installations saw a 77% year-on-year increase to ₹952 crore in the third quarter of FY24, highlighting its growing footprint in the clean energy domain.
Tata Power’s strategic investment in manufacturing and the upcoming operational status of its 4 GW cell manufacturing by Q1FY25 reflect its commitment to supporting India’s clean energy goals.
The solar rooftop and group captive business segments have witnessed remarkable growth, with an order book surpassing Rs. 1,900 crores and a current portfolio exceeding Rs 2,342 crores.
Tata Power’s ambition to achieve carbon net-zero status by 2045 further emphasizes its role in advancing India’s 2070 net-zero target, underscoring the company’s dedication to sustainable energy solutions.
