The Business Bytes
TBB BUREAU
BHUBANESWAR, FEB 15, 2024
With a presence spanning 400 cities, Tata Power stands uniquely positioned as a leading supplier of Rooftop Solar under the PM Suryodaya Yojana. As one of India’s largest integrated power companies and a key player in the solar rooftop market, Tata Power is poised to illuminate millions of households across India with clean energy by supporting the PM Suryodaya Yojana. This initiative, unveiled in the Interim Budget, aims to install 10 million solar rooftops nationwide, ushering in a new era of energy independence and sustainability.
Tata Power will spearhead the supply for the Suryodaya scheme, leveraging its 4.9 GW in-house solar module and cell manufacturing facility located in Tamil Nadu and Bengaluru. Supported by a $425 million funding from the US International Development Finance Corporation (DFC), the Tamil Nadu manufacturing facility is well-positioned to provide DCR (Domestic Content Requirements) modules for the scheme in the current quarter. Furthermore, the company’s 4 GW cell manufacturing is slated to be operational by Q1FY25.
Tata Power’s investment in manufacturing aligns seamlessly with the reintroduction of the Approved List of Models & Manufacturers (ALMM) by the Ministry of New and Renewable Energy, effective from April 1, 2024. This strategic move addresses a longstanding gap in India’s burgeoning clean energy market, which has historically relied heavily on imports.
As the dominant player in the rooftop solar sector with an 18% growing market share, Tata Power boasts a robust network of 500 channel partners spread across 400 cities and towns, catering to both domestic and commercial as well as industrial segments. This extensive network is poised to serve the potential beneficiaries of the Suryodaya Yojana. Notably, Tata Power’s revenue from rooftop solar installations surged by approximately 77% YoY to Rs 952 crore in Q3FY24.
With over three decades of experience and a substantial share in India’s solar rooftop market, Tata Power is uniquely positioned to capitalize on this opportunity. The company’s solar rooftop and group captive business have witnessed exponential growth, culminating in a combined order book exceeding Rs. 1,900 crore. During the first half of the current financial year, Tata Power successfully installed 2000 MW of solar rooftop, with a current order book surpassing Rs. 2342 crore.
Tata Power’s investments and expansion in the solar rooftop market are integral to its broader strategy of enhancing sustainability and transitioning towards becoming a carbon net-zero company by 2045. This commitment is regarded as the company’s significant contribution towards India’s net-zero goal set for 2070.
