Tata Power is scouting for hydroelectric power projects both in India and internationally to enhance its renewable energy share. The company is targeting two projects with capacities of one GW and 1.8 GW, scheduled for operation by 2029 and 2030, respectively, contributing to India's clean energy goals.

"We have already identified two projects and work has started for the first project," CEO of Tata Power, Praveer Sinha said. India’s government aims for 500 GW of power from non-fossil fuel sources by 2030. As of December 2024, hydroelectric power made up approx. 10 percent of India's energy capacity.

The company, with 14.45 GW of installed capacity (about 40 percent from renewables), is also exploring further opportunities for projects in its reservoirs, expecting two more to be launched by the end of the year. It plans to explore small modular nuclear reactor partnerships with the government following updates to the Nuclear Power Act.

As the Indian energy sector accelerates clean energy investments, Tata Power is also expanding its operations abroad, including a 600 MW hydropower plant in Bhutan, with plans for two additional large-scale projects, one of which is expected to begin by the year's end.