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Tata Power to Buyout BP's Stake in JV

  • Tata Power Company Limited is acquiring BP Alternative Energy Holdings' 51% stake and preference shares in their JV - Tata BP Solar India.Post acquisition, Tata Power would own 100% in the solar power company.According to the press release, Tata Power and BP have agreed that the company will continue to enjoy access to certain BP technology until 2013. The company and BP will enter into a technology agreement to give effect to this understanding.Established in 1989, Tata BP Solar is a JV between Tata Exports Limited and BP Solar India Holdings for the purpose of manufacturing photovoltaic cells and modules. The company has a 125 MW solar module manufacturing capacity. Tata BP Solar has an all India network of 8 regional offices and 150 dealers and service centres.

  • Tata Power Company Limited, together with its subsidiaries, engages in the generation, transmission, distribution, and trade of electricity primarily in India. Tata Power has an aggressive plan of generating 25,000 MW of energy by 2017, and it intends to have a 20%-25% contribution from "clean power sources" - which will include a mix of Hydro, Solar, Wind, Geothermal and Waste Gas generation.In December 2011, Tata Power has secured R365Cr debt funding for its 25-megawatt solar photovoltaic power project in Gujarat.Tata Power tied up loans for Mithapur project in Gujarat, through a consortium consisting of State Bank of India and Export Import Bank of India.The company has earlier executed a 3mw solar photo-voltaic plant at Mulshi in Maharashtra and a solar power plant of 100 kw at Lonavla.

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