Tata Power would invest Rs 60,000 crore over the next three years, and nearly half of it would be dedicated to the renewable sector. The investment will be deployed for Rs 15,000 crore in FY24, and will be scaled up to Rs 20,000 crore in FY25, Rs 22,000 crore in FY26 and Rs 23,000 crore in FY27, to reach the overall capex to Rs 60,000 crore by FY27.

Apart from two hydel pumped storage projects (PSPs) of 2,800 MW entailing an investment of Rs 13,000 crore announced earlier, the company has identified another three similar projects having the potential to generate up to 9,000 MW of power in the close vicinity. The three sites with the PSP potential include Potalpali, Kataldhara and Nenavali in Raigad district. 

The company plans to commission the 1,000 MW PSP at Bhivpuri, Raigad by end of 2027, and the one at Shirwata, Pune (1,800 MW) a liitle later.  The company which is into power generation, transmission and distribution will not be adding any new coal-based thermal power capacity.

The investment will be funded with 70 percent debt and the rest as equity. Further, the company is targeting to double its revenues over the next four years on the back of new investments.