The TATA Power Renewable Energy is in discussion with three wind companies of Tamil Nadu, Karnataka and Maharashtra with a target of adding 300 MW of investments annually.
It is revving up a deal activity in a sector that has attracted General Electric, Goldman Sachs and the Asian Development Bank.
All these companies own operating projects that have very competitive tariffs. The deal will be closed soon and adding 300 MW of green energy projects into the portfolio this year can be done both organically and inorganically, said, Rahul Shah, CEO, TATA Power Renewable Energy.
All the new capacity TATA Power plans to add by next 2 years estimated to 800 MW would comprise of projects in the wind, hydro, solar and waste-gas space.
The company has an installed generation capacity of 8,615 MW, of which more than 1,200 MW is from renewable sources.
TPREL, subsidiary of TATA Power, was incorporated in 2007 to include the company’s renewable energy assets. It is currently developing 2 wind projects in Maharashtra.
In April, GE Energy Financial Services invested USD 24 million in a 151 MW solar project put up by Welspun Renewables in Madhya Pradesh.
In July, Goldman Sachs, ADB and the South Asia Clean Energy Fund pumped in USD 140 million into wind and solar energy firm ReNew Power.
India’s national action plan on climate change endorses to generate 10 percent of its power from solar, wind, hydropower and other renewable sources by 2015 and 15 percent by 2020.
India’s renewable energy sector has been gaining momentum, after PM Narendra Modi said clean energy will play a key role in the government’s goal of providing electricity to all 400 million Indian homes with no power supply.