Tata Power is looking to acquire Welspun’s solar and wind assets valuing at USD1.45 billion
India: Tata Power Ltd is planning to acquire the renewable energy assets
of the Welspun Group, valuing the 1,152 MW portfolio of operational and yet to
be commissioned solar and wind farms at USD1.45 billion. Welspun Renewables
Energy Pvt Ltd, a part of the USD3 billion Welspun Group, is operating 685 MW of
wind and solar energy projects across eight states. The company is targeting to
add another 457 MW is expected to operational by October-November in two
phases.
TechSci
Research depicts that Tata Power Ltd and Hyderabad-based Greenko Group Plc have
shown interest in acquiring Welspun’s solar and wind energy assets. India’s
renewable energy sector has attracted strong interest from domestic and
international players after the government’s increased focus on clean energy.
Government of India is banking on renewable to fight climate change and has set
an ambitious target of increasing India’s clean energy capacity to 175 GW by
2022.
According to TechSci Research report, “India Solar Power Equipment Market Forecast & Opportunities, 2020”, the solar power equipment
market in India is projected to surpass USD4 billion by 2020, wherein solar
energy would be generated by employing photovoltaic (PV) and concentrated solar
power (CSP) technologies across the country. Tata Power Solar, Euro
Multi-vision, Welspun Group, Surana Solar and Central Electronics are
major solar equipment manufacturers in India. Launch of Jawaharlal Nehru
National Solar Mission by Government of India in 2010 has been a major
initiative taken to promote sustainable development of the solar energy sector
in the country.