Tata Power on hunt for wind, solar
India’s Tata Power has agreed to buy a 39MW wind farm in Gujarat and signalled that it is on the hunt for further acquisitions to help it meet its renewable energy targets.
Tata Power Renewable Energy will acquire the wind farm near Dwarka from a local subsidiary of US group AES.
The wind farm has a power supply deal with utility GUVNL, and is registered under India’s generation-based incentive scheme and the UN’s CDM.
The deal – which is expected to be finalised in the next few months – will bring Tata Power’s wind base to 437MW out of a total generation capacity of 8.6GW.
Tata Power – part of the giant Tata conglomerate – wants to eventually see 20%-25% of its capacity made up of renewable sources.
A statement said: “This is our second acquisition of an operating wind asset and we are on constant lookout for similar opportunities in respect of wind and solar plants.”