Tata Power to acquire Welspuns renewable energy arm

Tata Power announced that it will acquire Welspun Energys subsidiary Welspun Renewables Energy Pvt Ltd (WREPL).
Tata Powers subsidiary Tata Power Renewable Energy Ltd (TPREL) will acquire WREPL through a share purchase agreement (SPA), it said in a statement.
TPREL, a 100 per cent subsidiary of Tata Power, has signed an SPA with Welspun Energy to acquire its subsidiary WREPL, it added.
This represents the largest transaction in renewables space in India. WREPL has one of the largest operating solar portfolios in India spread across ten states. It has about 1,140 MW of renewable power projects comprising of about 990 MW solar power projects and about 150 MW of wind power projects. Out of 1,140 MW renewable portfolio, nearly 1,000 MW of capacity is operational and balance capacity is under advanced stages of implementation. 
TPREL currently operates 294 MW of renewable power capacity and 500 MW of renewable assets are being carved out of Tata Power into TPREL through a court process. In addition, almost 400 MW of solar and wind power projects are under implementation. Thus, TPREL with all these assets, would have renewable assets portfolio of about 2,300 MW making it the largest renewable power company in India, the statement said.
Speaking on achieving this milestone, Anil Sardana, CEO and Managing Director, Tata Power, said, The company is pursuing growth in renewable energy space to create value for its shareholders through various organic and inorganic growth opportunities. This acquisition will enable the company to deliver significant value for all stakeholders as most of the assets are revenue generating and operating assets.  Tata Power can further enhance value of these assets with its operational experience and financial optimisation. The acquisition is also a significant step towards attaining the companys objective of having non-fossil fuel based capacity up to 30-40 per cent of its total generating capacity.