Tata Power Renewable Energy is preparing to expand business in Africa in an attempt to tap the continent’s potential in the power and energy sector
Tata Power chief of business development and renewables Rahul Shah said, “We are scanning various countries and looking at potential solar, geothermal and hydro projects in various overseas markets of which Africa, especially South Africa, has shown a lot of potential.”
Tata Power has carved out a separate renewable energy arm, Tata Power Renewable Energy, to build a renewable portfolio.
Last year, Tata Power, through its subsidiary Khopoli Investments had formed a joint venture with South Africa’s Exxaro Resources to focus on developing electricity projects in Africa.
Shah said, “Africa, being a new growth economy, has a greater need for power and hence, our risk of doing business is less.”
The company has also entered in projects commissioned at Indonesia and Bhutan.
“The objective is to enter countries which have an evolved policy structure,” Shah said.
Shah, however, did not divulge the details on investments overseas.
