Tata Power signed agreement to acquire Welspun Renewables

Tata Power took the step in a bid to grow its clean energy portfolio to 2.3 gigawatts (GW).

Created On: Jun 14, 2016 08:03 ISTModified On: Jun 14, 2016 09:01 IST

Tata Power Co. Ltd on 12 June 2016 agreed to acquire renewable energy company Welspun Renewables Energy Pvt. Ltd.

Tata Power took the step in a bid to grow its clean energy portfolio to 2.3 gigawatts (GW).

Key highlights of the agreement

Tata Power’s renewable energy unit Tata Power Renewable Energy Ltd (TPREL) has signed an agreement to acquire Welspun Renewables Energy Private Ltd (WREPL).

It is the largest transaction in renewables space in India.

The acquisition is being made at an enterprise value of 9249 crore rupees.

TPREL will acquire 1140 MW solar and wind power assets of Welspun Energy Private Ltd.

The deal is expected to close in September 2016.

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