Tata Power Company, an integrated power company, 
today announced renewed focus on renewable energy capacity addition and restructuring of its renewable energy assets as part of its growth focus in the renewable energy space. The assets include 376.5 MW of wind assets in Gujarat, Maharashtra and Tamil Nadu, 3 MW solar asset in Mulshi and 120 MW of waste heat recovery based power plants at Haldia, West Bengal.

The proposed structuring involves carving out of 500 MW of renewable assets of the company to its subsidiary Tata Power Renewable Energy (TPREL) and its subsidiaries. "The proposed structuring is sought to be implemented by way of a scheme of arrangement (Scheme) under Sections 391 and Section 394 and other applicable provisions of the Companies Act, 1956,'' the company said.

The renewable wind assets, namely Bramhanvel (11.3 MW), Khandke (50.4 MW), Samana (50.4 MW), Gadag (50.4 MW),Visapur (10 MW),Sadawaghapur (17.5 MW),Agaswadi (49.5 MW) and solar assets at Mulshi (3 MW) are proposed to be aggregated in TPREL.

Additionally, Supa (17 MW) (Renewable Energy Undertaking No. 2), Nivede (21 MW), Poolavadi (99 MW) and Haldia (120 MW) are being transferred to four SPV companies which would be wholly owned companies of TPREL.

On this development, Anil Sardana, CEO & MD, Tata Power, said, ''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.''

TPREL proposes to grow its capacity through organic and inorganic means over the next few years. TPREL is the primary vehicle through which Tata Power's goal of 20-25% generation capacity from clean energy sources will be achieved.

The current installed capacity of TPREL is 220 MW (158 MW of wind and 54 MW of Solar) with 250 MW of renewable energy projects under construction. Post structuring, the total installed capacity of TPREL will be about 720 MW with additional 250 MW under construction.

Shares of the company gained Rs 0.75, or 1.11%, to settle at Rs 68.35. The total volume of shares traded was 986,490 at the BSE (Monday).