Tata Power and German multinational energy firm RWE have agreed on a partnership to explore the potential for a 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 percent subsidiary of Tata Power, and RWE Renewables, one of the world’s leaders in offshore wind, according to a Tata Power statement.
India is an unexplored and highly attractive market to develop opportunities for offshore wind as it has a large coastline of about 7,600 km.
The MoU between Tata Power Renewable Energy Limited and RWE becomes significant in the light of the Modi government’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, the statement said.
Talking about the collaboration, Praveer Sinha, CEO and Managing Director of Tata Power said, “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 Wind Offshore of RWE Renewables, said, “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 a real momentum. RWE wants to be part of this development.”
He added, “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”.
The German-based RWE Group has more than 120 years’ experience of electricity generation. Founded in 1898 as a municipal utility, RWE today is a leading global player in renewables.