Tata Power has completed the acquisition of Welspun Renewables Energy and has appointed a new chief executive for the Indian developer.
Tata said its former chief human resources officer Chetan Tolia will lead Welspun following India’s largest clean energy transaction to date.
A value for the deal was not disclosed.
Welspun has 990MW of solar parks and about 150MW of wind farms across 10 Indian states, of which almost 1GW are operational and the rest in advanced stages of implementation.
Tata Power Renewable Energy operates 294MW of renewables capacity, with a further 500MW of clean energy assets being carved out of Tata Power through a court process. It also has almost 400MW of solar and wind capacity under development.
The combination of these assets will create the largest renewable energy company in India, according to Tata Power.
“The company continues to pursue growth in Renewable Energy space to create value through various organic and inorganic growth opportunities,” Tata Power Renewable Energy chief executive Rahul Shah said.
“This acquisition will enable the company to deliver significant value for all stakeholders as most of the assets are revenue generating and operating assets,” he said.
Image: Welspun
Tata completes Welspun buy
Merged company will have about 2.3GW of renewable energy assets in India
By EBS