Tata Power's renewables unit doubles Q2 profit
Profitable acquisitions in the renewable energy industry have helped drive Tata Power to a net profit of INR1.73bn ($26.7m) during the three months to September, up from INR860m in the year earlier period. The utility has 3,180 MW in assets, including 936 MW of solar and 1,140 MW of wind. It plans to continue adding to its portfolio, and has set a target of between 30% and 40% of its energy capacity to come from renewable projects by 2025.
Indian utility Tata Power Co Ltd (BOM:500400) on Monday reported a net profit of INR 1.73 billion (USD 26.7m/EUR 23m) for the renewables business in India in its second quarter through September, growing from INR 860 million a year back.

The improvement came thanks to an increase in profits from renewable energy acquisitions, Tata Power said on Monday. The Indian group currently has activities in 13 Indian states.

Tata Power’s CEO and managing director Anil Sardana noted that Tata Power will continue to add renewable energy projects to its portfolio and keep its positions as the largest renewable energy group in India.

The utility has set a goal between 30% and 40% of its total capacity to come from clean energy sources by 2025. According to its website, Tata Power owns 3,180 MW of renewable energy assets, including 936 MW of solar and 1,140 MW of wind parks.

(INR 10 = USD 0.154/EUR 0.133)

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