Tata Power and RWE tie-up to jointly explore potential for development of offshore wind projects in India; Stock dips over 2%

22 Feb 2022 , 01:37 PM

Tata Power and RWE enter into a partnership to explore the potential for joint development of offshore wind projects in India. A corresponding Memorandum of Understanding (MoU) has been signed between Tata Power Renewable Energy Limited, a 100 per cent subsidiary of Tata Power, which is one of India’s largest integrated power companies, and RWE Renewables GmbH, one of the world’s leaders in offshore wind.

The MoU becomes significant in the light of the Government of India’s announcement of achieving 30 gigawatts (GW) of offshore wind installations by 2030 to meet the country’s growing power demands.

RWE and Tata Power Renewable Energy Limited possess complementary strengths and will enable the establishment of a competitive offshore wind market in India.

Talking about the collaboration, Dr Praveer Sinha, CEO and Managing Director of Tata Power, says: “RWE is our ideal partner to support Tata Power’s plans to enhance and grow offshore wind business based on its global expertise in running and operating offshore wind projects. In view of the Indian Government’s heightened focus on offshore wind farms to address the country’s expanding electricity demands, the collaboration becomes even more significant.”

Sven Utermöhlen, CEO of Wind Offshore of RWE Renewables, explains: “India has excellent wind resources, which can help to meet the country’s increasing energy demands. If clear regulations and an effective tender scheme are in place, we expect India’s offshore wind industry will gain real momentum. RWE wants to be part of this development.”

Sven Utermöhlen adds: “With Tata Power, we have an outstanding and experienced partner at our side which is deeply rooted locally and shares our ambition to drive the growth of offshore wind in India. Combined with RWE’s 20 years’ track record in developing, constructing and operating offshore wind projects, we are well placed to supply green energy from the offshore wind as competitively as possible for the Indian society.”

India is an unexplored and highly attractive market to develop opportunities for offshore wind as it has a large coastline of about 7,600 kilometres.

At around 1.33 pm, Tata Power was trading at Rs219.70 per piece down by 2.4% on BSE. The stock has touched an intraday high and low of Rs224.70 per piece and Rs210 per piece respectively.