Bhubaneswar, Aug 1 (PTI) Tata Power on Saturday said it plans to double its consumer base in the distribution business to 10 million over the next five years.

With its public-private-partnership with CESU, the company has acquired over 2.5 million consumers in Odisha in addition to the existing consumer base of 2.5 million across its distribution markets including Mumbai, New Delhi and Ajmer, a company statement said.

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After taking over the management of CESU, Tata Power has already submitted a capital investment plan of Rs 344 crore to the Odisha Electricity Regulatory Commission (OERC) for approval.

Tata Power also said it plans to raise the share of power generation from renewable resources to 50 per cent by 2025 from the current level of 30 per cent with focus on segments like rooftop solar, smart metering, micro-grids in rural areas and setting up of EV charging stations.

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"We have continued our low carbon journey and today, 30 per cent of our total generation comes from clean and green sources - 3.9 GW out of 12.7 GW. We aim to achieve around 50 per cent clean energy portfolio by 2025," the statement said.

The company said it will focus on improving shareholder returns through deleveraging and growth in high return businesses.

"During the last few years, we have focused on consolidation and setting up asset light business models for growth - be it 'Platform' for stressed generation and transmission opportunities, which allows significant high returns or the 'InvIT' for renewables, which allows recycling of capital for future growth.

"These models will allow us to grow without overleveraging our balance sheet," it said.

As part of this strategy, the company has already announced setting up of a Renewable Infrastructure Investment Trust.

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