Tata Power spearheads solar rooftop revolution with PM Suryodaya Yojana support

Bolstered by a robust 4.9 GW in-house solar modules and cell manufacturing facility, the power giant is poised to be the primary supplier for the scheme.

Tata Power, one of India’s largest integrated power company and leader in the solar rooftop market, is primed to light up millions of homes across India with clean power by supporting the PM Suryodaya Yojana. The scheme was announced in the Interim Budget and aims to install 10-million solar rooftops across the country, heralding a new era of energy independence and sustainability.

At the forefront of this initiative stands Tata Power, leveraging its status as one of the nation’s largest integrated power companies and a leader in the solar rooftop market. Bolstered by a robust 4.9 GW in-house solar modules and cell manufacturing facility situated in TamilNadu and Bengaluru, Tata Power is poised to be the primary supplier for the Suryodaya scheme. Notably, the Tamil Nadu manufacturing hub benefits from a substantial $425 million investment from the US International Development Finance Corporation (DFC), ensuring its capacity to provide Domestic Content Requirements (DCR) modules for the scheme commencing this quarter. Furthermore, the company’s 4 GW cell manufacturing unit is slated to commence operations by Q1FY25.

Tata Power’s strategic investment in local manufacturing aligns seamlessly with the reintroduction of the Approved List of Models & Manufacturers (ALMM) by the Ministry of New and Renewable Energy, effective April 1, 2024. This initiative addresses a longstanding gap in India’s clean energy sector, traditionally reliant on imports.

As the foremost player in the rooftop solar arena with an 18 percent expanding market share, Tata Power boasts a formidable network of 500 channel partners spanning 400 cities and towns, catering to both domestic and commercial and industrial (CNI) segments. This extensive network is poised to serve as a conduit for reaching potential beneficiaries of the Suryodaya Yojana. Demonstrating remarkable growth, Tata Power’s revenue from rooftop solar installations surged by an impressive 77 percent YoY to ₹952 crore in Q3FY24.

With over three decades of industry expertise and a commanding presence 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 experienced exponential growth, amassing a combined order book exceeding ₹1,900 crores. Notably, during the first half of the current financial year, Tata Power successfully commissioned 2000 MW of solar rooftop installations, with a present order book surpassing ₹ 2342 crore.

Tata Power’s unwavering commitment to investments and expansion in the solar rooftop sector reflects its broader strategy to foster sustainability and achieve carbon neutrality by 2045. This ambitious endeavor is hailed as the company’s most significant contribution towards India’s net-zero goals set for 2070.