Tata Power completes Welspun Renewable Energy acquisition, appoints Chetan Tolia as CEO

NEW DELHI: Tata Power on Wednesday announced that it has completed acquisition of Welspun Renewables Energy and has appointed Chetan Tolia as CEO of the newly bought firm.

“Tata Power Renewable Energy Limited, a 100% subsidiary of Tata Power, has completed acquisition of 100% shareholding in Welspun Renewables Energy Private Limited ( WREPL) and its subsidiaries,” an official statement said.

WREPL has about 1,141 mw of renewable power projects comprising about 990 mw solar power projects and about 150 mw of wind power projects. Of the renewable portfolio, more than 1,000 mw of capacity is operational and the balance capacity is under advanced stages of implementation.

Tata Power Renewable Energy currently operates 312 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, about 400 mw of solar and wind power projects are under implementation. Thus, TPREL, with all these assets, will have renewable assets portfolio of about 2,300 mw, making it the largest renewable power company in India.