Tata Power, Mahindra to invest $100bn in new plants

Next BigFuture, the company behind Tata Power’s Indian coal project, has announced a $100 billion investment in two new coal-fired power plants in the country.

The investment, announced by the company’s CEO Manish Srivastava in the company website on Monday, will enable Tata Power to expand its coal-burning capacity to generate 1,500 MW of power by 2027.

This would enable it to produce 1,600 MW of electricity by 2026, according to the company.

“The expansion of our coal-based power plants will have the effect of bringing electricity production in the region to the level of the national average, which will provide substantial relief to the local economy,” Srivacava said.

The expansion would bring India’s coal-related CO 2 emissions from the current level of 860,000 tonnes per year to around 2,300 tonnes.

India’s coal consumption, which is about 3.2 million tonnes per annum, is expected to reach nearly 5,000,000 tons by 2036.

The announcement comes a day after the World Economic Forum in Davos said India needs to become a “global hub” for investment in clean energy and sustainable energy technologies.

India currently imports about 60 percent of its electricity from coal-powered power plants.