Tata Power Renewable’s US$1.4bn Welspun green subsidiary takeover to go ahead

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Tata Power Renewable Energy will have 2,300MW of renewables assets in its portfolio once the deal has gone through. Image: Tata Power.

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).

According to a filing made on Sunday with the Mumbai Stock Exchange (BSE) and National Stock Exchange of India, a share purchase agreement was signed between the two subsidiaries. Tata Power Renewable Energy and Welspun originally put the deal on the table with the stock exchanges in March.

At the time of the March filing, Tata put Welspun’s Enterprise Value at the above figure for 100% of shares. Welspun Energy’s turnover for 2016 was 7.68 billion rupees (US$110 million), operating “close to 300MW” of its own projects with a further 840MW of renewable power projects across India owned and operated through further subsidiaries.

“The acquisition will enable the company to expand its renewables energy portfolio,” Tata said.

According to Tata Group, acquiring the renewables arm of the engineering, procurement and construction (EPC) company will bring Tata Power Renewable Energy Ltd – which it describes as Tata’s “primary investment vehicle for clean and renewable energy based power generation” – up to 2,300MW of assets in its renewables portfolio.

Read Next

January 21, 2022
India is at risk of a supply and demand mismatch for solar equipment if domestic PV manufacturers are unable to meet the quantity and quality required by project developers, Fitch Solutions has warned.
January 19, 2022
Energy major Shell has acquired 100% of PV project developer Solar-Konzept Italia (SKI), taking its solar development pipeline in Italy to around 2GW in the process.
January 13, 2022
Reliance Industries has signed a Memorandum of Understanding (MoU) with the government of Gujarat for a total investment of INR5.955 lakh crore (US$80 billion) over 10-15 years to establish 100GW of renewables and set up green technology manufacturing facilities in the state.
January 10, 2022
Indian renewables company ReNew Energy Global Plc’s wholly owned subsidiary India Clean Energy Holdings has raised US$400 million through a green bond sale that will be used to support the company’s growth strategy and “refinance existing high-cost debt”.
January 10, 2022
Indian conglomerate Adani Group has set up a new subsidiary focused on areas including manufacturing solar equipment and producing green hydrogen.
January 7, 2022
India’s state-owned National Hydroelectric Power Corporation (NHPC) has signed an agreement with the Green Energy Development Corporation of Odisha Ltd (GEDCOL) for the development of 500MW of floating solar projects in the eastern state of Odisha.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
January 26, 2022
Free Webinar
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal