Tata Power plans to augment its renewable energy portfolio by adding 150MW to wind electricity and 35MW to solar energy projects in India, with an investment of INR13bn ($290m).
Tata will build a 3MW solar project in Mulshi, Maharashtra, and will construct a 25MW solar project at Mithapur, Gujarat, by December this year.
Pursuant to the Mithapur project, the company has signed a power purchase agreement with the Gujarat Urja Vikas Nigam under the state solar power policy of 2009.
Tata Power executive director of finance S Ramakrishnan said the company plans to have 40MW of solar power generating capacity by the end of March 2012.
“We have an objective to add about 300MW of solar-based capacity in the next four-to-five years, to meet our renewable energy targets,” added Ramakrishnan.
The company plans to increase its wind capacity to 400MW from its current 240MW capacity by the end of the fiscal.
Tata Power and Tata Motors are subsidiaries of the Tata Group.