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.