Tata Power Company on Monday said it has entered into collaboration with the Rockefeller Foundation to create an arm, TP Renewable Microgrid, to set up 10,000 microgrids to provide power to 50 lakh homes across the country.
"This unique collaboration will amplify the Government of India's ongoing campaign to provide electricity to rural areas, unleashing the potential of renewable microgrids to serve households and businesses that suffer from poor reliability and coverage by traditional grid-based power," Tata Power Company said in a filing to the Bombay Stock Exchange.
TP Renewable Microgrid, which will be operated and managed by Tata Power, will provide clean power to nearly 50 lakh households, directly impacting the lives of 2.5 crore people over the next decade. It anticipates setting up of 10,000 microgrids through 2026 to provide power to millions across India and help eradicate energy poverty. It will also serve as a model for expanding access to more than 80 crore people who are without power worldwide.
However, Rockefeller Foundation will not have any stake in the venture.
In addition to building, owning, and operating microgrids in India, TP Renewable Microgrid intends to provide ancillary micro enterprise services to benefit communities, it said.
"We are proud to bring energy to millions of people, once at scale, TP Renewable Microgrid anticipates supporting 1 lakh rural enterprises, creating 10,000 new green jobs, and providing irrigation for over 4 lakh local farmers," said Tata Power CEO Praveer Sinha.
"We look forward to empowering communities across India by creating micro enterprise and creating opportunities for all people," Sinha added.
As per the exchange filing, TP Renewable Microgrid reflects a scaling-up of the Rockefeller Foundation's efforts to tackle energy poverty worldwide. In September 2019, The Rockefeller Foundation had launched the Global Commission to End Energy Poverty (GCEEP).
Ahead of the announcement, shares of Tata Power closed 0.08 per cent higher at Rs 59.60 apiece on the Bombay Stock Exchange on Monday.
Edited by Chitranjan Kumar