Tata Power has announced that it has joined forces with RWE Renewable GmbH of Germany to explore potential for a joint development of offshore wind projects in India. An MoU has been signed between both parties. The MoU between Tata Power Renewable Energy and RWE is relevant in consideration of the Indian government’s announcement that 30 GW of offshore wind projects will be installed by 2030 to address the country’s expanding power demands.
Tata Power is one of India’s largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed capacity of 13,171 MW. The company has 4.3 GW of clean energy portfolio comprising of solar, wind, hydro, and waste heat recovery which accounts for 33% of the overall portfolio.
Germany-based RWE plans to expand its green generation capacity to 50 GW internationally by 2030 and the company is investing €50 billion gross for this purpose. The portfolio is based on offshore and onshore wind, solar, hydrogen, batteries, biomass and gas and the company has locations in the attractive markets of Europe, North America and the Asia-Pacific region.
REGlobal’s Views: India’s roughly 7,600 km long coastline and a mature wind market make it a feasible offshore wind market. With onshore wind power growth slowing due to land and other concerns, this is an apt time for large energy companies like Tata Power and RWE to foray into the nascent offshore wind space of India.