Tata Power agreed to buy Welspun Renewable Energy earlier this month for INR92.49 billion (US$1.42 billion). Against the backdrop of fiercely competitive bidding, Mercom Capital Group chief executive and co-founder Raj Prabhu, explains the scene of potential mergers and acquisitions in the Indian solar market.
Solar PV installations are expected to surpass 60GW worldwide in 2016, up from the 50.6GW deployed last year, according to the latest figures from SolarPower Europe.
Power firm CLP India, a subsidiary of CLP Holdings, and renewables firm Suzlon Group have entered into a joint venture over a 100MW solar project at Veltoor in the Indian state of Telangana.
Wind power developers in India have been facing delayed payments from distribution companies of up to eight months at a time in various states, but solar developers have experienced only negligible delays in a couple of states, according to industry analysts.
Indian conglomerate Adani Group has become the leading solar developer in India in terms of commissioned and pipeline capacity after winning all 100MW of solar capacity available in the latest auction from the state of Chhattisgarh, according an industry analyst.
The Solar Energy Corporation of India (SECI) has issued a request for selection (RfS) for 450MW of grid-connected solar PV projects in the state of Maharashtra.
The Indian government has launched a request for proposals for renewable energy projects to tap into the multi-billion dollar Green Climate Fund (GCF).
The renewables subsidiary of India’s Tata Power will acquire Welspun Energy PTA Ltd, the clean energy arm of another major Indian company, Welspun Energy, valuing its target at 92.49 billion rupees (US$1.37 billion).
The US and India partnered on new renewable energy initiatives totalling a US$1 billion during prime minister Modi’s visit to the White House on Tuesday.
