Tata Seeks renewable energy investors

Tata Power is seeking investors to help its renewables unit more than double capacity in five years.

It also hopes to tap the investorsacquire projects at home and overseas.

The unit of India’s largest business group, which plans to spend about 17.5 billion rupees ($328 million) annually, may also consider selling shares in Tata Power Renewable Energy Ltd., said Rahul Shah, chief of business development atTata Power.

The company plans to build 2,000 megawatts of wind, solar, hydro and geothermal plants from a total of 852 megawatts last year.

Tata Power is planning to boost clean-energy generation to a fourth of its capacity as coal prices increase and the costs of alternative sources decline. 

Tata Power, which has 7,700 megawatts of installed capacity, will expand wind generation by as much as 200 megawatts a year and solar by as much as 50 megawatts a year, according to Shah. The Mumbai-based company will also bid for projects overseas, including South Africa and the Middle East, adding a total of 2,000 megawatts of clean-energy capacity in five years, he said.

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