Tata Power Renewable Energy Limited (TPREL), a 100% subsidiary of Tata Power, India’s largest integrated power company, has completed acquisition of 100% shareholding in Indo Rama Renewables Jath Limited (IRRJL), which is a 100% subsidiary of Indo Rama Renewables Limited (IRRL). IRRJL has a 30 MW operating wind farm in Sangli District of Maharashtra.
The wind farm, which is fully operational since July 2013, has a long-term power purchase agreement with Maharashtra State Electricity Distribution Limited and is registered under the Generation Based Incentive scheme of Ministry of New & Renewable Energy.
With this acquisition, Tata Power’s total generation capacity now becomes 9213 MW and current operating non-fossil based capacity at 1704 MW. The Company has operating WIND capacity of 647 MW spread across six states of Madhya Pradesh, Maharashtra, Gujarat, Tamil Nadu, Karnataka and Rajasthan. Further, TPREL has an additional 500 MW of wind and solar capacity under development in the states of Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka and Telangana.
Speaking on achieving this milestone, Mr. Rahul Shah, CEO, TPREL, said, “Tata Power has set an aggressive target of 20,000 MW of total capacity by 2025 and have recently revised the share of non-fossil based capacity up to 30-40% of its total generation capacity. This acquisition of the 30 MW operational wind farm will enhance and increase its clean energy footprint. As a Company, we are seeking similar opportunities to acquire operating wind and solar plants, apart from our own organic growth pipeline, to rapidly grow our generation portfolio. ”
The Company continues to pursue avenues to add clean and renewable energy generation capacities to increase its portfolio. TPREL’s strategy emphasizes the development of clean energy generation from non-fossil fuel and renewable energy sources to balance the carbon emissions from fossil fuel based generation capacity while contributing towards energy security of the country.
Hemant Sahai Associates and Deloitte Touche Tohmatsu India LLP acted as the legal and financial and accounting advisors respectively to TPREL. Yes Securities (India) Ltd and Shardul Amarchand Mangaldas & Co were the respective financial and legal advisors of IRRL for this transaction.
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