The move forms a part of the company’s restructuring process to better focus on renewable energy capacity addition.
The assets include 376.5MW of wind assets in Gujarat, Maharashtra and Tamil Nadu, 3MW solar asset in Mulshi and 120MW of waste heat recovery based power plants at Haldia, West Bengal.
The projects including 11.3MW Bramhanvel, 50.4MW Khandke, 50.4MW Samana, 50.4MW Gadag, 10MW Visapur, 17.5MW Sadawaghapur, 49.5MW Agaswadi and 3MW of solar assets at Mulshi will be added to TPREL.
Additionally, 17MW Supa, 21MW Nivede, 99MW Poolavadi and 120MW Haldia are being transferred to four special-purpose vehicle companies which would be wholly owned companies of TPREL.
Tata Power CEO Anil Sardana said: "The company continuously evaluates various structures for its businesses to deliver better value to its shareholders by unlocking and enhancing operational synergies.
"We aim to create a focused, clean and renewable energy business in TPREL with its own growth trajectory. Since the aggregation of renewable assets is being done to a wholly-owned subsidiary of the company, the shareholders in the parent company shall have the same or better value accruing to them as earlier, even after the proposed restructuring."
The company’s restructuring will be achieved through a scheme of arrangement under Sections 391 and Section 394 and other applicable provisions of the Companies Act, 1956.
TPREL is the primary vehicle through which Tata Power will achieve its goal of generating 20-25 % of electricity from clean energy sources.
The current installed capacity of TPREL is 220MW, with 250MW of renewable energy projects under construction.
Following the aggregation of assets, the total installed capacity of TPREL will be about 720MW with additional 250MW under construction.
Image: Tata Power to focus on renewables by aggregating and carving out renewable assets. Photo: courtesy of Anusorn P nachol / FreeDigitalPhotos.net.
