Ratan Tata's company Tata Power, a renewable energy company, is working on plans to expand wind-solar hybrid projects across the country. As part of this initiative, the company is inviting tenders for wind turbines with a capacity of more than 3 gigawatts.

The Tata Group is synonymous with power and trust. The company has earned the trust of the nation through decades of hard work. From the production of salt to the manufacture of high-end vehicles, the Tata Group has expanded its business in almost every sector. One of its companies, Tata Power, which focuses primarily on renewable energy, is doing exceptionally well and is on track to become a major player in the sector. Tata Power is currently working on plans to expand wind-solar hybrid projects across the country. As part of this initiative, the company is inviting tenders for wind turbines with a capacity of more than 3 gigawatts.

The plan, which involves potential orders worth over Rs 21,000 crore, is expected to be unveiled in the next three to five years. Notably, the cost of installing 1 MW of wind power is approx. 7 crores. As of Wednesday, shares of Tata Power were trading at Rs 461.40. The company's shares have increased by 90 percent since last year and have increased by 700 percent in five years. It is worth noting that the stock has returned almost 5,000 percent since 1999.

Prime original equipment manufacturers (OEMs) such as Siemens Gamesa, Senvion India, Envision Energy and Suzlon Energy are in intense competition for the substantial contract, The Economic Times reported citing sources.

Rewritten text: The contract can be divided into several smaller contracts with the aim of increasing the capacity to 5 gigawatts over the next half decade. The total value of the deal could eventually go up to around Rs 35,000 crore. Moreover, Tata Power plans to spend nearly $9 billion over the next six years to expand its green energy capacity.

An industry spokesperson shared that Tata Power is now aiming to add more than 1 GW of wind power capacity annually. For the current financial year, the firm has earmarked Rs 20,000 crore as capital expenditure, half of which has been earmarked to support green energy projects. For the rest, it intends to spend on distribution infrastructure, transmission lines and coal-fired power plants.