Tata Power, the fully-owned subsidiary of Indian industrial group Tata, has signed a sale and purchase agreement (SPA) with Welspun Energy to acquire its subsidiary Welspun Renewables Energy (WREPL) for an estimated Rs 10,000 crore (US$1.4bn).
WREPL has one of the largest operating solar portfolios in India spread across ten states (1,140 MW, including 990 MW of solar capacity and 150 MW of wind power capacity), of which nearly 1,000 MW are already operational and 140 MW under advanced stages of implementation.
Tata Power Renewable Energy currently operates 294 MW of renewable power capacity and will soon integrate 500 MW of renewable assets from Tata. In addition, almost 400 MW of solar and wind power projects are under implementation. With the acquisition of Welspun Renewables Energy, Tata will have a renewable asset portfolio of more than 2.3 GW and will become the largest renewable power group in India.
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