Consolidated revenues of Tata Power in FY21 rose 14 per cent to Rs.33,079 crore from Rs.28,948 crore in FY20, mainly due to acquisition of power discoms in Odisha, and higher execution of solar EPC projects, a company release said.
Tata Power, on May 12, 2021, released its financial results for FY21. Here are some operational highlights with respect to the power distribution, solar energy and EV charging businesses:
- Took over the management and operations of WESCO and SOUTHCO discoms of Odisha, effective January 1, 2021. CESU was taken over on June 1, 2020 (Read note ahead)
- Received the Letter of Intent (LOI) from the Odisha Electricity Regulatory Commission (OERC) for the distribution and retail supply of electricity in Odisha’s five circles of NESCO constituting the areas of Balasore, Bhadrak, Baripada, Jajpur and Keonjhar. (Read note ahead)
- Expanded consumer base to around 12 million across Mumbai, New Delhi, Ajmer and central, southern and western parts of Odisha.
- TP Central Odisha Distribution Ltd. (TPCODL) inaugurated its Second All Women Customer Care Center at Puri Division Office
- Renewable generation capacity reached 2,693 mw, as of March 31, 2021. During FY21, the company added 65 mw
- Received LoA to build 320-mw of ground mounted solar PV project, valued at Rs.1,200 crore, for NTPC and a 55-mw of ground mounted solar PV project, valued at Rs.230 crore, for GSECL
- The EPC order book of Tata Power Solar Systems Ltd (TPSSL or Tata Power Solar) stood at Rs.8,742crore, as of March 31, 2021
- Total rooftop solar installations by TPSSL were 175 mw in FY21 versus 114 mw in FY20
- TPSSL inaugurated a state-of-the-art expansion of its manufacturing facility in Bengaluru, taking up the total production capacity of cells and modules to 1,100 mw.
- Total network of EV charging stations reached 456 as of March 31, 2021, including 175 new ones installed in FY21.
Note on Odisha discoms
The four Odisha discoms, post acquisition by Tata Power are now known as:
- TP Central Odisha Distribution Ltd (TPCODL, formerly CESU)
- TP Western Odisha Distribution Ltd (TPWODL, formerly WESCO)
- TP Southern Odisha Distribution Ltd (TPSODL, formerly SOUTHCO)
- TP Northern Odisha Distribution Ltd (TPNODL, formerly NESCO)
In each of these four entities, Tata Power holds 51 per cent equity stake along with management control. The remaining 49 per cent is held by Grid Corporation of Odisha Ltd. While the controlling stake in CESU, WESCO and SOUTHCO was acquired in FY21 (on June 1, 2020, January 1, 2021, and January 1, 2021, respectively), that with regard to NESCO took place on April 1, 2021.
