With the Union Budget unveiling a new ₹20,000 crore Nuclear Energy Mission to develop at least five indigenously designed and operational small modular reactors (SMRs), Tata Power Company Ltd. on Tuesday (February 4, 2025) said it is mulling a foray into the SMR segment.

The government has said it is looking at active partnerships with private players, and promised amendments to the Atomic Energy Act and Civil Liability for Nuclear Damage Act to encourage private investments in nuclear energy.

Tata Power is keen to take up the opportunity to set up small modular nuclear reactors across the country, the firm’s CEO and managing director Praveer Sinha said. “We are keen to participate but are awaiting more clarity on the amendments,” he said.

The firm reported a 10% growth in consolidated net profit at ₹1,188 crore in the third quarter (Q3) ended December 31, 2024, on a 2% uptick in revenue from operations which hit ₹15,118 crore. The company’s operational capacity stood at 6.7 GW in the clean and green segment, generating over 11,700 million units of green power. Another 10 GW of projects are under execution.

“We have emerged as a clean energy leader with presence across the full value chain of manufacturing, EPC, and development of renewable projects along with retail supply through group captives,” Mr. Sinha said. The recent large-scale transmission project wins reaffirm its expertise in evacuation and supply of power nationwide and puts the company at the centre of the development of upcoming Green Energy Corridors.

“We have delivered a sustained PAT growth trajectory over the last 21 quarters and all our businesses have been contributing to this growth,” the Tata Power CEO said about its Q3 performance.

Tata Power Ltd shares are under the radar, on Tuesday, after its renewable energy arm entered into an agreement with Tata Motors for a solar power project.

In a stock exchange filing on Monday, the company said that its subsidiary Tata Power Renewable Energy Ltd (TPREL) has signed a Power Purchase Agreement (PPA) with Tata Motors Ltd Pantnagar plant in the state of Uttarakhand, for an on-campus solar plant having a capacity of 9MWp.

The said facility will be the largest on-campus solar plant at a single location in Uttarakhand. Also, the installation of the said plant will lead to a reduction in carbon emissions of an estimated 25 tonnes of CO2/kWp in the northern state, the company said.

The project is slated to be commissioned in six months from the execution date of the power purchase agreement.

With this new project, the combined solar capacity of Tata Motors Pantnagar plant now stands at 16 MWp.

The Tata Group company’s operational capacity stands at an impressive 4,132MW, including 3,139MW solar and 993MW.

“The 9MWp solar power installation resonates our commitment to fostering the widespread adoption of eco-friendly clean energy solutions across industries,” said CEO of TPREL, Ashish Khanna.

This is not the first time the two companies are working in partnership.

Tata Power said that TPREL and Tata Motors have successfully put in place a solar project of 7 MWp capacity in the manufacturing facility of Pantnagar, under an earlier partnership.

Shares of Tata Power were trading 0.56 per cent higher at Rs 240.70 per piece on the BSE at 1:01 pm.