Tata Power eyes clean energy buys in India

Tata Power is scouting for renewable energy assets, including windfarms, in the country.

The company, which acquired stake in Australian clean-energy players Exergen and Geodynamics earlier this year, is looking to buy renewable energy assets from companies that had built these assets to avail tax incentives but are not keen to run them.
Tata Power executive director S Ramakrishnan had told DNA Money in April that the company planned to generate a quarter of its total power from clean and green sources.

As of now, 6,047 mw of its total generation capacity of 6,899 mw is coal-based; the rest is renewable.

Tata Power, which paid $10 million for a 5% stake in in Exergen and $50 million for a 10% stake in Geodynamics, is also developing a floating concentrated solar photovoltaic pilot project at a lake in Walwhan with another Australian company, Sunengy. Further, it has formed a consortium with Australian company Origin Energy and PT Supraco Indonesia for developing a 240 mw geothermal project in Indonesia.

Meanwhile, for the quarter ended September, Tata Power reported a 22% jump in revenues to `7,649.49 crore on a consolidated basis but posted a loss of `83.80 crore mainly because of an impairment charge of `250 crore in relation to CGPL. Revenue from Power business was up 40% at `5,488.54 crore while revenue from the coal business dropped 5% to `2,057 crore.