Tata Power Renewable Energy is to acquire Welspun Renewables Energy, which has assets totalling 1.14GW across 10 states in India.
The deal, which is the largest renewables transaction in India, includes 990MW of solar projects and about 150MW of wind power plants.
Tata Power Renewable Energy, a subsidiary of Tata Power, said that almost 1GW of the capacity is operational and balance capacity is under advanced stages of implementation.
It currently operates 294MW of renewables capacity, with a further 500MW of renewable assets being carved out of Tata Power through a court process.
Tata Power Renewable Energy also has almost 400MW of solar and wind power under development.
Tata Power chief executive officer and managing director Anil Sardana said: “The company is pursuing growth in renewable energy space to create value for its shareholders 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.”
JM Financial Institutional Securities was exclusive transaction advisor to Tata Power Renewable Energy on the deal.
KPMG India was the accounting and tax advisor, while AZB & Partners acted as the legal advisor.
Image: Tata
