India's largest integrated private power company, Tata Power Company Limited, on Monday signed an memorandum of understanding (MoU) with Government of Gujarat, to explore the possibility of setting up a 5 MW Geothermal Power plant in Phase I, at a suitable location in Gujarat. The company also signed an MoU for developing a 5 MW solar power plant in Gujarat.
"We are happy about this strategic partnership with Government of Gujarat. This partnership not only strengthens our renewable portfolio but also creates opportunities to expand our presence in the growing renewable energy market in India. We look forward to the synergistic opportunities that the alliance presents us," managing director of Tata Power, Prasad Menon, said.
Geothermal energy is the natural heat found within the earth, where temperature increases with depth, typically by 10-50 degree Celsius/km. In Enhanced Geothermal Systems (EGS) technology, heat is extracted from granites located at a depth of more than 4000 metres by circulating water through them in an engineered artificial reservoir.
The heated water returns to the surface under pressure and is converted into electricity via a heat exchanger and conventional geothermal power plant.
Tata Power's presence in solar includes Tata BP Solar India Ltd, a joint-venture with BP Solar, one of the largest solar companies in the world. Tata BP Solar is a market leader in Solar Photovoltaic technology in India with a turnover of Rs 660 crores. Nearly 75% of its sales come from exports largely to Europe and USA. Its growth plans include expansion of its module manufacturing facility and thrust on domestic sales.
Tata Power is India's largest integrated private power and energy company with an installed generation capacity of over 2300 MW and a presence in all the segments of the power sector viz Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading.