Tata Power eyes 30 GW by 2030; India's power generation to reach 770 GW: Chairman Chandrasekaran

Tata Power expects to have 30 gigawatts (GW) of generation capacity fully operational by 2030, as the company expands its renewable energy portfolio, transmission network and customer-facing clean energy businesses, chairman Natarajan Chandrasekaran said on Tuesday.

Addressing shareholders at the company's 107th annual general meeting (AGM), Chandrasekaran said the company has already crossed 26 GW of generation capacity, including projects under development, with 66% of its portfolio comprising clean and green energy assets.

"Your Company has crossed the 26 GW capacity in generation portfolio including pipeline with 66% of capacity being clean and green," he said.

Chandrasekaran said India's energy transition presents a significant growth opportunity for the power sector. By 2030, the country's total installed power generation capacity is expected to reach 770 GW, with clean and green sources accounting for 64% of the total.

Achieving this target will require substantial investments in battery energy storage systems and pumped storage projects. India's transmission network is also projected to expand from 5 lakh circuit kilometres to 6 lakh circuit kilometres by 2030, he said.

"India's energy system is transitioning to a cleaner, greener and more decentralised portfolio. As of March 31, 2026, the country's installed generation capacity stood at 533 GW, with clean and green sources contributing 53% of the total," Chandrasekaran said.

He added that during FY26, more than 95% of the new capacity added came from clean energy, with solar accounting for nearly 80% of these additions.

Rooftop solar installations under the PM Surya Ghar Yojana are also gathering momentum. Cumulative rooftop solar capacity reached around 26 GW in FY26 and is expected to increase to 65 GW by 2030, he said.

Tata Power's expansion plans

Highlighting the company's progress, Chandrasekaran said Tata Power commissioned around 2.5 GW of renewable energy capacity during FY26. It currently has a 5.1 GW renewable energy pipeline under execution.

The company is also strengthening its energy storage portfolio. Progress has been made on the 1,000 MW Bhivpuri Pumped Storage Project, while work on the 1,800 MW Shirwata Pumped Storage Project is expected to begin shortly, he added.

In hydropower, Tata Power will develop the 1,125 MW Dorjilung Hydropower Project in Bhutan in partnership with Druk Green Power Corporation. This will be in addition to the ongoing 600 MW Khorlochhu Hydropower Project.

Chandrasekaran said the company's 4.3 GW solar cell and module manufacturing facility at Tirunelveli in Tamil Nadu completed its first full year of operations during FY26. The facility made a significant contribution to the company's revenue.

Consumer and distribution business

On the consumer business, Tata Power installed nearly 2 GW of rooftop solar capacity during FY26. This took cumulative rooftop installations beyond 4 GW, serving more than 3 lakh customers.

The company also crossed the milestone of installing over 2 lakh EV home chargers.

Its transmission portfolio has expanded to 7,000 circuit kilometres, with another 1,800 circuit kilometres in the pipeline.

Meanwhile, Tata Power's distribution business now serves more than 13.1 million consumers across seven discoms in Delhi, Mumbai, Ajmer and Odisha.

Chandrasekaran said FY26 marked five years since Tata Power took over power distribution in Odisha.

For the first time, all four Odisha discoms have started paying dividends to shareholders. Aggregate technical and commercial (AT&C) losses declined by another 2 percentage points during FY26, taking the cumulative reduction to 15 percentage points since the takeover.

Commenting on the broader energy landscape, Chandrasekaran said electricity demand from global data centres grew 17% in 2025, far outpacing the overall electricity demand growth of 3%.

Data centres are expected to account for nearly 3% of global electricity consumption by 2030.

He added that climate change, rising cooling demand and the rapid adoption of artificial intelligence are reshaping global energy demand. As a result, energy security and investments in clean energy are becoming increasingly critical.

Financial performance

On the financial front, Tata Power reported consolidated revenue of ₹63,681 crore in FY26, compared with ₹64,502 crore in the previous year.

Profit after tax (before exceptional items) stood at ₹5,212 crore, compared with ₹5,197 crore a year earlier.

EBITDA increased to ₹16,090 crore from ₹14,468 crore, driven by higher contributions from solar manufacturing, rooftop solar, and the transmission and distribution businesses.

The board has recommended a dividend of ₹2.50 per equity share, equivalent to 250% of the face value of ₹1 per share.

Looking ahead, Chandrasekaran said Tata Power will continue expanding across generation, transmission, distribution, renewable energy, rooftop solar, EV charging and manufacturing. The company also plans to announce a new solar manufacturing project in Odisha in the coming months.