New Delhi: Tata Group’s company Tata Power has decided to say goodbye to coal-based power plants completely. Now Tata Power will focus entirely on clean energy production for energy production. This is what the company said in the report ‘Tata Power: Renewables to Power Growth’ released by the Institute of Energy Economics and Financial Analysis (IEEE) on Tuesday.
In the report, the company said that it will no longer make plans for the new coal-based power plant. The report has disclosed future energy plans. According to the report, the future of renewable energy will increase in the company’s new production in the coming times.
IIFA Energy Finance analyst Simon Nicholas said in a statement that considering the changes in the energy sector, Tata Power’s new focus on renewable energy is a sign of a better future. According to the company’s ‘Strategic Thinking 2025’, 70 per cent of the company’s new capability growth will be of solar, wind power and hydro power by 2025.
According to the report, the biggest involvement of Tata Power’s thermal power is the Mundra coal-based power plant, which is one of the largest power plants in the country. This plant is in constant loss. This also makes the company’s total financial performance messy. Nicholas said that due to the experience met with Tata’s Mundra plant, the company does not want to set up a new coal based power plant. The company’s distance from the coal-based plant is growing faster than expected. On the other hand, the company’s renewable operations are operating in a lot of profits.
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