Tata Power Renewable Energy (TPREL) has completed the acquisition of Welspun Renewables Energy in deal worth $1.4bn.
The Indian companies reached an initial agreement in June. With this acquisition, TPREL’s renewable assets portfolio has increased to more than 2.3GW, making it the largest clean power company in India.
TPREL CEO and executive director Rahul Shah said: "The company continues to pursue growth in renewable energy space to create value 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."
With one of the largest operating solar portfolios in India, Welspun has more than 1,141MW of clean energy projects. These comprise 990MW of solar power projects and around 150MW of windpower projects across ten states.
More than 1,000MW of Welspun’s capacity is operational and the remaining capacity is in the advanced stages of implementation.
TPREL is Tata Power's primary investment unit for clean energy power generation capacity.
TPREL's present operating capacity is 294MW across the states of Maharashtra, Gujarat, Madhya Pradesh, and Rajasthan.
The company is seeking to grow its renewable portfolio in India, as well as in selected international markets.
Image: Welspun has one of the largest operating solar portfolios in India. Photo: courtesy of pakorn / FreeDigitalPhotos.net.