Tata Power Renewable Energy to invest in wind energy firms
MUMBAI: The Tata group’s renewable energy arm is in talks to invest in a wind energy firm, revving up deal activity in a sector that has lured General Electric, Goldman Sachs and the Asian Development Bank, as the company seeks to achieve its goal of adding as much as 300 MW to its portfolio annually.
“We are currently speaking to three wind power companies based in Tamil Nadu, Karnataka and Maharashtra…We hope to close a deal soon as we have a target of adding 200-300 MW of green energyprojects into our portfolio this year, which can be done both organically and inorganically,” said Rahul Shah, Chief Executive Officer of Tata Power Renewable Energy (TPREL).
“All these companies that we are speaking to own operating projects that have very competitive tariffs.” Shah didn’t say how much the company would spend on the acquisition or who owns the target companies. TPREL, a wholly owned subsidiary of Tata Power, was incorporated in 2007 to house the company’s renewable energy assets. India’s renewable energy sector has drawn investors, especially after Prime Minister Narendra Modi said clean energy will play a key role in the government’s goal of providing electricity to all 400 million Indian homes that are currently without power.