With presence across 400 cities, Tata Power is uniquely positioned to be a lead supplier of Rooftop Solar under PM Suryodaya Yojana
Posted on: 15/Feb/2024 4:42:40 PM
Tata Power, one of India`s largest integrated power company and leader in the solar rooftop market, is primed to light up millions of homes across India with clean power by supporting the PM Suryodaya Yojana .The scheme was announced in the Interim Budget and aims to install 10-million solar rooftops across the country, heralding a new era of energy independence and sustainability.
Tata Power will be the leading supplier for the Suryodaya scheme as it has 4.9 GW of in-house solar module and cell manufacturing facility in Tamil Nadu and Bengaluru. The Tamil Nādu manufacturing facility is backed by a $425 million funding from the US International Development Finance Corporation (DFC). The Tamil Nadu factory will be in a good position to supply DCR (Domestic Content Requirements modules for the scheme in the current quarter. The Company`s 4 GW cell manufacturing will be operational by Q1FY25.
Tata Power`s investment in manufacturing and commencement of commercial production in its Tamil Nadu facility also augers well with the reintroduction of Approved List of Models & Manufacturers (ALMM) by the Ministry of New and Renewable Energy with effect from April 1, 2024. The company`s investment in local manufacturing addresses a long-standing gap in India`s burgeoning clean energy market, which has relied heavily on imports till now.
Tata Power is the biggest player in the rooftop solar space with 18% growing market share. It has a robust network of 500 channel partners across 400 cities and towns, covering both domestic and commercial and industrial (CNI) segments. This network will serve the potential beneficiaries of Suryodaya Yojana. Tata Power`s revenue from rooftop solar installations rose by about 77% YoY to ₹952 crore in Q3FY24.
With over three decades of experience and commanding a handsome share in India`s solar rooftop market, Tata Power is uniquely positioned to leverage this opportunity.
The company`s solar rooftop and group captive business have delivered multi-fold growth, achieving a combined order book in excess of Rs. 1,900 crores. During the first half of the current financial year, the company had successfully set up 2000 MW of solar rooftop with a present order book in excess of Rs 2342 crore.
Tata Power`s investments and growth in the solar rooftop market are part of its larger strategy to make its business more sustainable and become a carbon net-zero company by 2045. This is seen as the company`s most significant contribution to India`s net-zero goal set for 2070.
