2024-03-28
http://w3.windfair.net/wind-energy/pr/22877-tata-power-renewable-energy-ltd-acquires-welspun-renewables-energy-private-limited

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Tata Power Renewable Energy Ltd acquires Welspun Renewables Energy Private Limited

Tata Power Renewable Energy Limited's renewable assets portfolio grows to about 2,300 MW making it the largest Renewable Power Company in India

The Tata Power Renewable Energy Limited, announced today that it has completed acquisition of 100% shareholding in Welspun Renewables Energy Private Limited and its subsidiaries. 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.

Mr. 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, Mr. Rahul Shah, CEO & Executive Director, Tata Power Renewable Energy Limited, 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. ".

Mr Chetan Tolia, CEO & Executive Director of WREPL said "WREPL will now embark upon a consolidation plan to stabilise and also optimise the returns on the assets to make the acquisition a success"

JM Financial Institutional Securities Limited acted as exclusive Transaction Advisor to TPREL in relation to this transaction. KPMG India Private Limited was the Accounting & Tax Advisor. AZB & Partners acted as the Legal Advisor for this transaction.

Source:
Tata Power
Link:
www.tatapower.com/...
Keywords:
Tata Power, India, Welspun Renewables



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