Tata Power is eyeing an over six-fold increase in its clean energy capacity - wind, solar and hydro power - to 6,500 megawatt (MW) by 2020, a fourth of its projected total energy capacity of 26,000 MW.
The company, which has so far invested Rs. 2,400 crore, plans to invest Rs. 1,250 crore more to take its clean energy portfolio to 2,000 MW by 2013-14 from the current 852 MW .
The Tata Group firm is banking on acquisitions, capacity addition and overseas expansion to achieve the target.
The company has an installed capacity of around 376 MW in wind, 447 MW in hydro, and 28 MW in solar spread across Tamil Nadu, Karnataka, Maharashtra and Gujarat. It is looking to acquire clean energy assets to expand its portfolio.
"There are interesting opportunities in hydro and wind power segments," said Rahul Shah, chief-business development, India Business and Renewables, Tata Power.
The company is also looking at clean energy opportunities overseas.
It has formed a joint venture (JV) with the Royal Bhutan government for building a 114-MW hydro power capacity, and is evaluating projects in Nepal in partnership with Norway-based SN Power.
Tata Power's JV company with Exxaro in South Africa is building a 240-MW wind farm, and the company, along with Australian firm Origin Energy, also won the bid for a 240-MW geothermal project in Indonesia.