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Tata Power Solar, formerly known as Tata BP Solar and a wholly-owned subsidiary of Tata Power, has more than doubled its revenue to Rs 2,262 crore in two years, the company said in a statement.
Tata Power Solar manufactures solar cells and modules and provides engineering, procurement and construction (EPC) services to solar projects’ owners and developers.
Earlier this year, Tata Power Solar had completed the expansion of capacity of its cell and module manufacturing facility in Bengaluru.
The two-stage expansion doubled the company's module capacity from 200 MW to 400 MW, the company said, while the company’s cell manufacturing capacity had been increased by 65 per cent from 180 MW to 300 MW.
Tata Power Solar has completed more than 330 MW of ground-mount utility scale and 140 MW of rooftop and distributed generation projects across the country till date.
“Considering the fact that solar EPC is extremely low margin and the pressures faced by the domestic manufacturing sector, the company has turned profitable within a short span, which is a remarkable achievement,” Anil Sardana, CEO & MD, Tata Power said in the statement.
He added that renewables will continue to be Tata Power’s key focus.
Tata Power had earlier announced that its renewable business had surpassed the 2,000-MW operating capacity mark with another 500 MW being under construction. The company added 1,350 MW of renewable capacity during the year.
Tata Power’s non-fossil fuel-based green generation portfolio (comprising hydro, waste gas, solar and wind) currently stands at 3,141 MW.
During last financial year, another arm of Tata Power, Tata Power Renewable Energy, had acquired Welspun Energy’s 1,14 GW renewable portfolio (that includes about 990 MW solar power projects and 150 MW of wind power projects) by purchasing 100 per cent share in Welspun Renewable Energy Pvt Ltd (WREPL) and its subsidiaries for an estimated amount of Rs 10,000 crore.
Earlier this month, Tata Power had reported a consolidated net loss of Rs 247 crore for Q4 of 2016-2017 financial year against a profit of Rs 82.95 crore in the corresponding period of the previous fiscal. The results were largely affected by a one-time provision of Rs 651 crore pursuant to DOCOMO arbitration award, the company said.
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