Tata Power bets on solar energy, Q3 net rises 28%

Country’s largest private power producer Tata Power is exploring opportunities to set up 300 RELATED ARTICLES mw solar power generating stations during next three years. Tata Power managing director Prasad R Menon on Tuesday said the company is actively looking at opportunities to set up solar-based power plants under the recently launched Jawaharlal Nehru National Solar Mission. The mission envisages solar power generation capacity of 20,000 mw by the thirteenth five-year plan end. The government has said that it is considering 30 per cent grant-in-aid for most solar applications. In island states and border areas which are still dependent upon diesel for power generation, the centre proposes to provide up to 90 per cent support for setting up solar power plants. “Our thrust on sustainability continues with key focus on increasing renewable energy portfolio in the coming years,” Menon was quoted as saying in a statement to announce company third quarter results. Tata Power reported a 28 per cent rise in net profit to Rs 147.89 crore for the third quarter ended December 31, 2009 as against Rs 115.08 crore in the corresponding period last financial year. The company’s total revenue registered a 12 per cent dip at Rs 1,566.5 crore as against Rs 1,776.8 crore in the corresponding quarter last year. “This decrease is mainly due to a change in the fuel mix and reduction in fuel prices in Mumbai licence area,” the company statement said. Menon said in Mumbai distribution business, the company was making considerable progress in acquiring new retail customers, which is expected to be a significant number by end of this financial year. “Our generating assets at Trombay, Jojobera and Belgaum are performing well. Our major projects in pipeline (Mundra and Maithon) have maintained the progress as planned and are on schedule,” he said. The company targets an additional capacity of 2,400 mw by 2013. It has signed an agreement with IIT Mumbai for the development of concentrated solar thermal capacities in India.