Tata Power Renewable Energy, a fully-owned subsidiary of Tata Power Co Ltd (BOM:500400), intends to grow its rooftop solar business to 1 GW in three to four years from 250 MW currently, according to a top official.
Ashish Khanna, President of Renewables at Tata Power Group, and managing director and CEO of Tata Power Solar Systems, told The Financial Express that the company is working to provide a solution to the residential and commercial and industrial (C&I) segments as they have failed to meet expectations due to an inverted tariff structure. Khanna added, as quoted by the newspaper, that Tata Power has developed a scheme with Tata Cleantech Capital to span some 100 cities by the end of fiscal 2019, offering their products to the residential sector. With this initiative the company seeks to shed more light on the potential savings from such projects.
In 2015, the ministry of new and renewable energy announced a target of 40,000 MW for rooftop installations by 2022, which was supported by a 30% subsidy for residential buildings.
As of March 2018, India has installed 2,538 MW of rooftop capacity, sector consultancy Bridge to India has unveiled. Rooftop solar thus represents a 10% share in India’s overall solar capacity installation, the report says.
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