Tata Power arm acquires Welspun Renewables Energy Private Limited
This represents the largest transaction in the renewables space in India.
WREPL has one of the largest operating solar portfolios in India spread across ten states. It has about 1,141 MW of Renewable Power Projects comprising of about 990 MW Solar Power Projects and about 150 MW of Wind Power Projects.
Out of 1,141 MW renewable portfolio, over 1,000 MW of capacity is operational and balance capacity is under advanced stages of implementation.
Chetan Tolia has been appointed CEO & Executive Director of WREPL. Mr. Tolia was Chief Human Resources Officer of Tata Power prior to this appointment.
TPREL currently operates 312 MW of Renewable power capacity and 500 MW of Renewable assets are being carved out of Tata Power into TPREL through a court process. In addition, about 400 MW of Solar and Wind power projects are under implementation. Thus, TPREL with all these assets, will have renewable assets portfolio of about 2,300 MW making it the largest Renewable Power Company in India.
Speaking on achieving this milestone, Anil Sardana, CEO & Managing Director, 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. This acquisition will enable the company to deliver significant value for all stakeholders as most of the assets are revenue generating and operating assets. Tata Power can further enhance value of these assets with its operational experience and financial optimization. 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 generating capacity".