Tata Power's renewable portfolio profit jumps 101% to Rs 173 cr in Q2

Tata Power on Sunday said its renewable portfolio in the country saw 101 per cent increase in profit to Rs 173 crore in the second quarter of the current financial year.

The company had clocked Rs 86 crore profit from renewable business in the same period last year.

The company's consolidated underlying Ebitda (earnings before interest, taxes, depreciation, and amortisation) for the quarter was also up by 16 per cent due to strong operating performance of all its businesses, it said in a statement.

The non-fossil fuel portfolio stood at 3,210 Mw as of Sunday, a healthy increase from the corresponding quarter last year, it added.

In line with its commitment to grow its renewable energy portfolio, Tata Power recently added a 30 Mw solar power plant in Palaswade, developed by its wholly owned subsidiary, Tata Power Renewable Energy Ltd (TPREL).

"The plant is expected to produce over 62 million KWH of solar power annually. Tata Power added 31 new solar sites and two wind sites as part of the acquisition of Welspun," it said.

With this, the company and its subsidiaries now operate in 13 states and 75 sites.

"Over the last few years, we at Tata Power have focused on building a healthy energy mix that is in line with our commitment towards ensuring a sustainable future," Tata Power MD and CEO Anil Sardana said.

Sardana added that the company has been working towards achieving this goal by growing its renewable energy business through the addition of organic and inorganic projects.

"This approach has resulted in a steady growth of our renewable and clean portfolio. In a short span of five years, we have grown to become the largest renewable energy player in India," he said.

Tata Power will continue to invest in renewable energy projects, as well as in cutting-edge technologies to increase operational efficiencies to maximise shareholder value, he added.

The company aims to maintain 30-40 per cent of its capacity by 2025 through clean energy sources.