Tata Power aims at doubling consumer base in distribution biz in 5 years

    Bhubaneswar, Aug 1 (PTI) Tata Power on Saturday said
it plans to double its consumer base in the distribution
business to 10 million over the next five years.
    With its public-private-partnership with CESU, the
company has acquired over 2.5 million consumers in Odisha in
addition to the existing consumer base of 2.5 million across
its distribution markets including Mumbai, New Delhi and
Ajmer, a company statement said.
    After taking over the management of CESU, Tata Power
has already submitted a capital investment plan of Rs 344
crore to the Odisha Electricity Regulatory Commission (OERC)
for approval.
    Tata Power also said it plans to raise the share of
power generation from renewable resources to 50 per cent by
2025 from the current level of 30 per cent with focus on
segments like rooftop solar, smart metering, micro-grids in
rural areas and setting up of EV charging stations.
    "We have continued our low carbon journey and today,
30 per cent of our total generation comes from clean and green
sources - 3.9 GW out of 12.7 GW. We aim to achieve around 50
per cent clean energy portfolio by 2025," the statement said.
    The company said it will focus on improving
shareholder returns through deleveraging and growth in high
return businesses.
    "During the last few years, we have focused on
consolidation and setting up asset light business models for
growth - be it 'Platform' for stressed generation and
transmission opportunities, which allows significant high
returns or the 'InvIT' for renewables, which allows recycling
of capital for future growth.
    "These models will allow us to grow without
overleveraging our balance sheet," it said.
    As part of this strategy, the company has already
announced setting up of a Renewable Infrastructure Investment
Trust. PTI SKN

(This story has not been edited by THE WEEK and is auto-generated from PTI)