Tata Power Renewable Energy Limited (TPREL), a wholly owned subsidiary of Tata Power Company (TPC) is hoping to add 300MW per year of wind energy through projects and acquisitions.
TPREL currently has over 1,200MW of installed renewable energy capacity, and is involved in 2 major wind farm projects in Maharashta, along with hydro power projects in Bhutan and Georgia (126MW and 185MW respectively). The company is in talks with a few large players in the wind industry, but wouldn’t reveal which ones.
Chief Executive Officer of TPREL, Rahul Shah said:
“We are currently speaking to three wind power companies based in Tamil Nadu, Karnataka and Maharashtra…We hope to close a deal soon as we have a target of adding 200-300 MW of green energy projects into our portfolio this year, which can be done both organically and inorganically,”
“All these companies that we are speaking to own operating projects that have very competitive tariffs.”
When the CEO was asked if thermal power could compete with renewables, he said:
“The cost of operating a thermal power plant will escalate, unlike a renewable project where the costs are static for, say, the next 25 years. Also, unlike before, now the costs of setting up renewable energy plants have rationalised and tariffs are almost at grid parity.”
As wind energy costs continue to plummet, more and more countries and companies (like TPREL) are investing in wind power in order to generate electricity and significant profits.