New Delhi: Tata Power has bought Welspun’s Renewable energy having a capacity to generate 1140MW. The deal has been valued at around Rs 7000 cr to 9000 cr.
The acquisition will make TPRE the largest renewable power company in India, with renewable assets portfolio of about 2,300 megawatt (MW). Welspun Renewables Energy (WREL) has about 1,140 MW of renewable power projects comprising about 990 MW solar power projects and 150 MW of wind power projects. Of the total capacity, nearly 1,000 MW is operational, while balance capacity is under advanced stages of implementation.
TPRE currently operates 294 MWof renewable power capacity, and 500 MW of renewable assets are being carved out of Tata Power into TPRE. Additionally, almost 400 MW of solar and wind power projects are under implementation.
Anil Sardana, CEO and MD of Tata Power, said “The company is pursuing growth in renewable energy space to create value for its shareholders through various organic and inorganic growth opportunities. The acquisition is also a significant step towards attaining the company’s objective of having non-fossil fuel based capacity up to 30-40% of its total generation.”