WREPL has around 1,140 MW of renewable power projects, featuring nearly 990MW of solar and about 150MW of wind projects.
Of the company’s portfolio, about 1,000MW of capacity is operational and balance capacity is under advanced stages of implementation.
TPREL currently operates 294MW of renewable power capacity and 500MW of renewable assets are being carved out of Tata Power into TPREL via a court process.
About 400MW of solar and wind power projects are under implementation
Tata Power CEO & managing director Anil Sardana 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 optimization.
"The acquisition is also a significant step towards attaining the company’s objective of having non-fossil fuel based capacity up to 30-40% of its total generating capacity."
Tata Power, the parent company of TPREL, is planning to double its total generation capacity across renewable, hydropower and thermal energies to 18GW by 2022 from the present portfolio of 10GW.
