Tata Power Renewable looking to buy wind, solar power assets

Tata Power Renewable Energy, a subsidiary of Tata Power Ltd, is set to expand its wind power generation capacity by 150 MW this fiscal.

This will take the company’s installed capacity to more than 700 MW.

The company is looking to acquire wind and solar power assets in the country.

“We are keen to expand the portfolio of both wind and solar projects in the country and are evaluating various opportunities,” said Rahul Shah, Chief Executive, Tata Power Renewable Energy, adding that both organic and inorganic options are on the cards. “We are open to acquisitions. Earlier, we had acquired a 40 MW wind power asset from AES Power.”

The company is ready to buy both completed projects and those with all clearances and set to be executed, he added.

Tata Power a total installed capacity of 8,750 MW, of which 1,383 MW belongs to clean and renewable energy. The company’s wind and solar portfolio stands at 566 MW.

Asked about new projects, Shah said: “Land acquisition and evacuation network is a problem for new projects. Therefore, we are looking out for opportunities in solar parks coming up in various States. “In the case of solar parks, land and evacuation are taken care of and as a developer, one can focus on the project. This could also cut down on time for implementation.”

Referring to issues relating to hybrid wind and solar projects, he said there was need for a clear policy framework for taking up such projects.

In any case, for wind projects, land available is not contiguous. But in cases where there is contiguous land, it would be possible to develop such hybrid projects, he said.

Six of the company’s renewable energy projects have been registered under the Clean Development Mechanism Programme of the UN Framework Convention on Climate Change.

These include wind farms in Karnataka, Gujarat and Maharashtra and a hydel project in Georgia.

http://www.thehindubusinessline.com/companies/tata-power-renewable-looking-to-buy-wind-solar-power-assets/article7216605.ece

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