Tata Power Co. (TPWR) bid for its first overseas wind and solar farms in South Africa with Pretoria-based Exxaro Resources Ltd. (EXX) this week in a renewable-energy tender whose results will be known by May, said Tata Power Executive Director S. Padmanabhan. He declined to say how much capacity their joint venture Cennergi is seeking, citing auction rules.
Tata Group, which owns Corus Group and Jaguar Land Rover, is focusing on new clean-energy investments as coal-powered projects face fuel shortages in India and environmental hurdles in the U.S. and Europe, he said. South Africa, where average power prices almost tripled in four years, is a “prime market for development” because of its size and abundant clean-energy resources, according to Bloomberg New Energy Finance.
“Why would anyone want to invest at this stage in a coal project?” Padmanabhan said in an interview in Mumbai yesterday. “Investment has stopped.”
South Africa’s auction of 3,725 megawatts of renewable- energy capacity drew Suzlon Energy Ltd., (SUEL) India’s largest wind- turbine maker, in an earlier round. Suzlon Chairman Tulsi Tanti said in November the company may build a factory there if Africa’s largest economy generates enough demand.
Tata Group accounts for almost 5 percent of India’s gross domestic product and has built a global business spanning steel, cars and drinks by acquiring Corus, Jaguar Land Rover and Tetley Group Plc. Its overseas clean-energy investments include stakes in two geothermal projects in Australia and Indonesia with Sydney-based Origin Energy Ltd. (ORG)
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