Tata Cleantech Capital (TCCL) is looking at growing its asset book to around Rs.5,500 crore by fiscal 2019, with nearly $120 billion debt funds expected to flow into the renewable energy space in the next five years.
TCCL, a joint venture between Tata Capital and International Finance Corporation, currently has an asset/loan book size of Rs.2,400 crore.
It has funded over 80 renewable energy projects, including wind, solar and small hydro and biomass, with a total capacity of 3,500 MW.
“We are largely focused on funding clean energy projects and the government's vision of 175 GW of renewable power capacity by 2022 gives us an immense opportunity.
“It is estimated that $120 billion of debt fund will be required for these projects and this gives us the hope that we will be able to increase our exposure to nearly Rs.5,500 crore by FY19,” the company's Chief Executive Manish Chourasia told PTI here.
He said for the current fiscal, the company is expecting to nearly double its loan book to Rs.4,000 crore.
“Our primary focus is to fund similar quality renewable assets and we expect to participate in the funding of around 10,000 MW generation capacity over next 2-3 years,” Chourasia said.
He said though in the current portfolio of renewable energy projects wind-based generation has a larger share, going forward solar (both ground mounted and rooftop) will grow considering the number of projects being undertaken under various schemes of state and Central governments.
Recently, TCCL funded a 450 kW solar rooftop project set up by Avesta Solar at the National Centre for Performing Arts (NCPA) in the megapolis. TCCL disbursed a total of Rs.2.36 crore for this project.