Welspun Energy Private Limited, in which Welspun Enterprises Limited holds 15.49% stake, today announced the completion of sale for Welspun Renewables Energy Private Limited (“WREPL”) and its subsidiaries to Tata Power Renewable Energy Limited (“TPREL”), a subsidiary of Tata Power Company Limited. This was concluded at an Enterprise Value of INR 9249 Crore (excluding working capital and cash), representing India’s largest renewable energy transaction.
WREPL has one of the largest operating solar portfolios in India spread across ten states. It has about 1,141 MW of Renewable Power Projects comprising of about 990 MW Solar Power Projects and about 150 MW of Wind Power Projects. Out of 1,141 MW renewable portfolio, over 1,000 MW of capacity is operational and balance capacity is under advanced stages of implementation.
TPREL with all these assets, will have renewable assets portfolio of about 2,300 MW making it the largest Renewable Power Company in India with a Generation Capacity of over 10,000 MW making it India’s largest integrated power company.
Speaking on the occasion, Mr. B K Goenka, Chairman-Welspun Group said, “The deal represents a win-win transaction for both Welspun and Tata Power as our strong portfolio of revenue generating assets in the renewable energy space presents an attractive proposition to TPEL. Welspun continues its journey of consolidation and value creation for all its stakeholders by enhancing our focus on our core businesses.”
About Welspun Enterprises Ltd. (WEL)
Welspun Enterprises Ltd. (WEL), formerly Welspun Projects Ltd., part of the Welspun Group, is an operating Company as well as a holding company in the business of Infrastructure, Oil & Gas Exploration and Renewable Energy. The company, in its current form was created through the merger of Welspun Enterprises Ltd., Welspun Infratech Ltd., Welspun Plastics Private Ltd. and Welspun Infra Projects Private Ltd. with Welspun Projects Ltd through the Scheme of Amalgamation and Arrangement made effective from May 11, 2015.
About Welspun Energy Private Limited
Welspun Energy (WEPL) is a leading builder of renewable energy projects through its strong Engineering Procurement and Construction (EPC) capabilities. It has demonstrated its ability to implement renewable projects with high performance outputs and low cost – delivery. It holds the distinction of building one of the world’s largest solar projects.
About Welspun Renewables Energy Private Limited
Welspun Renewables is a subsidiary of Welspun Energy, India’s pioneering organization to utilize the power of the sun and wind. With a project capacity of over 1,140 MW of renewable power capacity, its emphasis on systems and processes has enabled the organization to execute the projects by consistently decreasing its on-ground development cycle. The organisation has been instrumental in bringing the renewable tariffs closer to grid parity. Within a short span of its existence, it has pioneered solar power solutions, both in terms of plant size and total installed capacity. Welspun Renewables is committed to establishing mega renewable capacities across the country.
The information in this release has been included in good faith and is for general purposes only. It should not be relied upon for any specific purpose and no representation or warranty is given as regards to its accuracy or completeness. No information in this release shall constitute an invitation to invest in Welspun Enterprises Ltd. (formerly known as Welspun Projects Ltd.). or any of its affiliates. Neither Welspun Enterprises Ltd. (formerly known as Welspun Projects Ltd.), nor their affiliates’ officers, employees or agents shall be liable for any loss, damage or expense arising out of any action taken on the basis of this release, including, without limitation, any loss of profit, indirect, incidental or consequential loss.