Tata Power on Monday said it has collaborated with Germany-based RWE Renewable GmbH to explore 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 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, a Tata Power statement has said.
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.
The MoU between Tata Power Renewable Energy and RWE 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, it added.
RWE and Tata Power Renewable Energy possess complementary strengths and will enable the establishment of a competitive offshore wind market in India.
Praveer Sinha, CEO and Managing Director of Tata Power, said in the statement, "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 Utermhlen, CEO Wind Offshore of RWE Renewables, explains in the statement: "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.
Utermhlen 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. 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 offshore wind as competitively as possible for the Indian society."
The government is in the process of conducting detailed technical studies and devising the regulatory framework to establish the first auctions for offshore wind of the coast of Tamil Nadu and Gujarat. Offshore wind has the potential to spur significant infrastructure investment in these states and to support local job creation.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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