Power producer Tata Power Co. Ltd late on Sunday night said it has agreed to acquire renewable energy company Welspun Renewables Energy Pvt. Ltd for an undisclosed amount, in a bid to grow its clean energy portfolio to 2.3 gigawatts (GW).
Tata Power’s renewable energy unit Tata Power Renewable Energy Ltd (TPREL) has signed an agreement to acquire Welspun Renewables Energy in “the largest transaction in renewables space in India”, the company said. India has a target of installing 100GW of solar power capacity and 60GW of wind power capacity by 2022. Last year in December, US-based SunEdison Inc. terminated a deal to acquire Singapore-based Continuum Wind Energy Ltd, which has assets in India and is controlled by Morgan Stanley Infrastructure (MSI). This deal was earlier anticipated to be one of the largest in India’s clean energy sector.