Indian energy giant Tata Power is planning to invest more than Rs750bn ($9.45bn) in its renewable energy business over the next five years.

The company’s chairman Natarajan Chandrasekaran said that it intends to invest Rs100bn ($1.26bn) of the total earmarked sum during the current financial year.

Over the next five years, Tata Power intends to increase its electricity generation capacity from 13.5GW to 30GW, with more than half of this due to come from clean energy sources.

The company also aims to expand its clean energy portfolio to 80% by 2030 from its current levels of 34%.

During the financial year 2021-22, it added 707MW of renewable energy capacity.

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By GlobalData

Chandrasekaran also said that Tata Power currently holds an engineering, procurement and construction (EPC) order book of Rs130bn.

To expand these green businesses, the company has begun a strategic partnership and created a renewable platform that has received a Rs40bn investment from Blackrock Real assets and Mubadala Investment Company.

It is also establishing a 4GW solar cell and module manufacturing facility in India’s southern state of Tamil Nadu, which would involve an investment of around Rs30bn.

Chandrasekaran also said that Tata Power is on the path to becoming an environmental, social and governance (ESG) benchmark in the power industry.

Last month, the company commissioned India’s largest floating solar power project, with 101.6MWp of capacity, in Kayamkulam, Kerala.

The project covers a 350-acre offshore area and is equipped with a 5MW floating inverter platform, anchored to the waterbed by 134 cast pile foundations.

Tata Power said the facility is India’s first floating solar photovoltaic asset to provide power under a power purchase agreement (PPA).

The Kerela State Electricity Board (KSEB) will use the clean energy generated by the floating solar facility under the terms of the PPA.