TATA Power to invest Rs.600cr. in TPREL

Tata Power Renewable Energy Ltd (TPREL) to get Rs.600cr from its parent company TATA Power Co. Ltd.
TPREL currently owns around 2 gigawatts (GW) of solar and wind assets, including the assets that it acquired from Welspun Energy. In all, Tata Power owns over 3GW of green assets, including its hydro-power assets. It immediately needed finance to develop 320MW of solar assets. These assets are spread across six projects in the states of Telangana, Andhra Pradesh, Karnataka, Gujarat and Maharashtra. The total equity requirement for these projects is around Rs600 crore, which the parent company will infuse in phases.

With the take over of Wespun Energy it got access to solar and wind assets worth $3 billion, across eight states in India. Of this, about 990 megawatts (MW) is in solar projects and about 150MW in wind projects. TPREL recently also raised debt of around Rs500 crore for capital expenditure and the refinancing of short-term debt of these assets. It has also been refinancing the over Rs5,000 crore debt it acquired from the purchase of Welspun’s assets through its own funds.