Impact Report Tata Power renews focus on renewable energy

Transcription

1 Article Date Headline / Summary Publication Edition Financial Page No. Journalist 10 Nov Tata Power Plans Separate Unit for Clean Energy The Economic Times Mumbai 14 PTI 10 Nov Tata Power to carve out arm for renewable energy The Financial Express Ahmedabad 6 PTI 10 Nov Tata Power to carve out arm for renewable energy The Financial Express Chennai 6 PTI 10 Nov Tata Power to carve out arm for renewable energy The Financial Express Hyderabad 6 PTI 10 Nov Tata Power to carve out arm for renewable energy The Financial Express Mumbai 6 PTI 10 Nov Tata power to carve out arm for renewable energy The Financial Express New Delhi 6 PTI 10 Nov Tata Power to carve out arm for renewable energy The Financial Express Pune 6 PTI 10 Nov Tata Power to carve out arm from renewable energy The Financial Express Kolkata 6 PTI Mainlines 11 Nov 11 Nov Tata Power to hive off green energy biz, may get PEs The Times of India Bhubaneshwar 11 Tata Power to hive off green energy biz may get PEs The Times of India Ranchi 19 Reeba Zachariah Reeba Zachariah 11 Nov 11 Nov 11 Nov 11 Nov 11 Nov Tata Power to focus on renewable energy Hindustan Times Jamshedpur 3 Bureau Tata Power to focus on renewable energy Hindustan Times Ranchi 3 Bureau Tata Focuses On Renewable Energy The Asian Age Mumbai 2 Bureau The Pioneer Jamshedpur 4 Bureau The Pioneer Ranchi 4 Bureau 10 Nov 10 Nov 10 Nov 10 Nov 10 Nov Tata Power to hive off green energy biz may get PEs The Times of India Pune 15 Tata Power to hive off green energy biz The Times of India Ahmedabad 13 Tata Power to hive off green energy biz The Times of India Lucknow 15 Tata power to hive off green energy biz, may gat PEs The Times of India New Delhi 25 Tata Power to hive off green energy biz, may get PEs The Times of India Kolkata 17 Reeba Zachariah Reeba Zachariah Reeba Zachariah Reeba Zachariah Reeba Zachariah Page 1 of 73

2 10 Nov Tata Power to hive off green energy biz, may get PEs The Times of India Mumbai 19 Reeba Zachariah 10 Nov 10 Nov 10 Nov 10 Nov Tata Power to carve out green arm The Indian Express Ahmedabad 15 Bureau Tata Power The Statesman Bhubaneshwar 8 PTI Tata Power The Statesman Kolkata 8 PTI Tata Power The Statesman New Delhi 13 PTI Regional 13 Nov 13 Nov Prabhat Khabar Jamshedpur 4 Bureau Jamhuriat Times Ranchi 3 Bureau 12 Nov Tata power to carve out renewable energy assets to TPREL Daily News Activist Lucknow 15 Bureau 11 Nov 11 Nov 11 Nov 11 Nov 11 Nov 11 Nov 11 Nov 11 Nov 11 Nov 10 Nov Aaj Jamshedpur 2 Bureau Chamakta Aina Jamshedpur 3 Bureau Dainik Bhaskar Jamshedpur 5 Bureau Hindustan Jamshedpur 5 Bureau New Ispat Mail Jamshedpur 1, 2 Bureau Aaj Ranchi 5 Bureau Akbar-e-Mashriq Ranchi 7 Bureau Chamakta Aina Ranchi 3 Bureau New Ispat Mail Ranchi 1, 2 Bureau Tata Power to focus on renewable energy Eenadu Hyderabad 4 Bureau Online 12 Nov India's Tata Power To Float Separate Company For Renewable Energy Assets CleanTechnica Online Web Smiti Mittal 12 Nov Tata Power to spin-off 500MW of renewable assets Clean Technology Business Review Online Web Bureau 11 Nov India's Tata Power to carve out 500-MW portfolio to renewables arm See News Renewables Online Web Bureau Page 2 of 73

3 11 Nov Tata Power to hive off green energy biz, may get PEs Khabar India Online Web Bureau 11 Nov Tata Power hives off renewable assets, eyes M&As for clean energy VC Circle Online Web Anuradha Verma 11 Nov Tata power renews focus on renewable energy The Pioneer Online Web Bureau 10 Nov Tata power to carve out arm for renewable energy The Economic Times Online Web PTI 10 Nov 10 Nov 10 Nov 10 Nov 10 Nov 10 Nov 10 Nov 10 Nov 10 Nov 10 Nov Tata power to carve out renewable energy assets to TPREL Tata Power to enhance focus on Renewables by aggregating and carving out renewable assets to fullyowned subsidiary Tata Power Renewable Energy Ltd. (TPREL) and its subsidiaries Tata Power to hive off green energy biz, may bring in PEs Tata Power to enhance focus on Renewables by aggregating and carving out renewable assets Tata power to carve out renewable energy assets to TPREL India: Tata Power bundles all clean energy assets under separate company Tata Power to enhance focus on Renewables by aggregating and carving out renewable assets Tata Power announces enhanced focus on renewable capacity addition Tata Power's TPREL unit to take control of 377MW of wind capacity Tata Power to enhance focus on Renewables by aggregating and carving out renewable assets Business Standard Online Web PTI The Hindu Business Line The Times Of India Online Web Online Web Bureau Reeba Zachariah Sify Online Web Bureau Moneycontrol Online Web PTI Deal Street Asia Online Web Bureau India Blooms Online Web Bureau Myiris Online Web Bureau Recharge News Online Web Bureau New Kerala Online Web Bureau 10 Nov Tata Power To Achieve Renewable Energy Targets in India by 2022 Itech Post Online Web Paul Pajarillo 10 Nov Tata Power announces enhanced focus on renewable capacity addition Your Renewable News Online Web Bureau Page 3 of 73

4 Financial Page 4 of 73

5 Publication: The Economic Times Edition: Mumbai Published Date: 10 Nov Page No.: 14 Page 5 of 73

6 Publication: The Financial Express Edition: Ahmedabad Published Date: 10 Nov Page No.: 6 Page 6 of 73

7 Publication: The Financial Express Edition: Chennai Published Date: 10 Nov Page No.: 6 Page 7 of 73

8 Publication: The Financial Express Edition: Hyderabad Published Date: 10 Nov Page No.: 6 Page 8 of 73

9 Publication: The Financial Express Edition: Mumbai Published Date: 10 Nov Page No.: 6 Page 9 of 73

10 Publication: The Financial Express Edition: New Delhi Published Date: 10 Nov Page No.: 6 Page 10 of 73

11 Publication: The Financial Express Edition: Pune Published Date: 10 Nov Page No.: 6 Page 11 of 73

12 Publication: The Financial Express Edition: Kolkata Published Date: 10 Nov Page No.: 6 Page 12 of 73

13 Mainlines Page 13 of 73

14 Publication: The Times of India Edition: Bhubaneshwar Published Date: 11 Nov Page No.: 11 Page 14 of 73

15 Publication: The Times of India Edition: Ranchi Published Date: 11 Nov Page No.: 19 Page 15 of 73

16 Publication: Hindustan Times Edition: Jamshedpur Published Date: 11 Nov Page No.: 3 Page 16 of 73

17 Publication: Hindustan Times Edition: Ranchi Published Date: 11 Nov Page No.: 3 Page 17 of 73

18 Publication: The Asian Age Edition: Mumbai Published Date: 11 Nov Page No.: 2 Page 18 of 73

19 Publication: The Pioneer Edition: Jamshedpur Published Date: 11 Nov Page No.: 4 Page 19 of 73

20 Publication: The Pioneer Edition: Ranchi Published Date: 11 Nov Page No.: 4 Page 20 of 73

21 Publication: The Times of India Edition: Pune Published Date: 10 Nov Page No.: 15 Page 21 of 73

22 Publication: The Times of India Edition: Ahmedabad Published Date: 10 Nov Page No.: 13 Page 22 of 73

23 Publication: The Times of India Edition: Lucknow Published Date: 10 Nov Page No.: 15 Page 23 of 73

24 Publication: The Times of India Edition: New Delhi Published Date: 10 Nov Page No.: 25 Page 24 of 73

25 Publication: The Times of India Edition: Kolkata Published Date: 10 Nov Page No.: 17 Page 25 of 73

26 Publication: The Times of India Edition: Mumbai Published Date: 10 Nov Page No.: 19 Page 26 of 73

27 Publication: The Indian Express Edition: Ahmedabad Published Date: 10 Nov Page No.: 15 Page 27 of 73

28 Publication: The Statesman Edition: Bhubaneshwar Published Date: 10 Nov Page No.: 8 Page 28 of 73

29 Publication: The Statesman Edition: Kolkata Published Date: 10 Nov Page No.: 8 Page 29 of 73

30 Publication: The Statesman Edition: New Delhi Published Date: 10 Nov Page No.: 13 Page 30 of 73

31 Regional Page 31 of 73

32 Publication: Prabhat Khabar Edition: Jamshedpur Published Date: 13 Nov Page No.: 4 Page 32 of 73

33 Publication: Jamhuriat Times Edition: Ranchi Published Date: 13 Nov Page No.: 3 Page 33 of 73

34 Publication: Daily News Activist Edition: Lucknow Published Date: 12 Nov Page No.: 15 Page 34 of 73

35 Publication: Aaj Edition: Jamshedpur Published Date: 11 Nov Page No.: 2 Page 35 of 73

36 Publication: Chamakta Aina Edition: Jamshedpur Published Date: 11 Nov Page No.: 3 Page 36 of 73

37 Publication: Dainik Bhaskar Edition: Jamshedpur Published Date: 11 Nov Page No.: 5 Page 37 of 73

38 Publication: Hindustan Edition: Jamshedpur Published Date: 11 Nov Page No.: 5 Page 38 of 73

39 Publication: New Ispat Mail Edition: Jamshedpur Published Date: 11 Nov Page No.: 1, 2 Display: 1/2 Page 39 of 73

40 Publication: New Ispat Mail Edition: Jamshedpur Published Date: 11 Nov Page No.: 1, 2 Display: 2/2 Page 40 of 73

41 Publication: Aaj Edition: Ranchi Published Date: 11 Nov Page No.: 5 Page 41 of 73

42 Publication: Akbar-e-Mashriq Edition: Ranchi Published Date: 11 Nov Page No.: 7 Page 42 of 73

43 Publication: Chamakta Aina Edition: Ranchi Published Date: 11 Nov Page No.: 3 Page 43 of 73

44 Publication: New Ispat Mail Edition: Ranchi Published Date: 11 Nov Page No.: 1, 2 Display: 1/2 Page 44 of 73

45 Publication: New Ispat Mail Edition: Ranchi Published Date: 11 Nov Page No.: 1, 2 Display: 2/2 Page 45 of 73

46 Publication: Eenadu Edition: Hyderabad Published Date: 10 Nov Page No.: 4 Page 46 of 73

47 Online Page 47 of 73

48 Publication: CleanTechnica Edition: Online Web Published Date: 12 Nov Page No.: India's Tata Power To Float Separate Company For Renewable Energy Assets In a clear sign of increasing financial competitiveness of renewable energy projects vis-a-vis conventional power plants, one of India's leading private sector power generators has carved out all its renewable energy assets into a separate company. Tata Power has announced the launch of Tata Power Renewable Energy Limited as a separate company that will own and operate all the renewable energy assets of the parent company. Tata Power will transfer control of renewable energy assets to Tata Power Renewable Energy Limited. Upon the completion of the transfer, Tata Power Renewable Energy Limited will control the operational capacity of 720 MW and the under construction capacity of 250 MW. According to media reports, the new company will also look for equity investments and scout for candidates for acquisition. Tata Power is the second private sector generator in the last few months that has shifted away from conventional power technologies and towards renewable energy technologies. Earlier, Reliance Power, which operates one of the largest coal-based power plants in India, was reportedly planning to sell its coal mines in Indonesia. The company has been struggling to take several large-scale thermal power plants online. It was embroiled in a lengthy regulatory tussle for increasing the tariff of its Sasan-based ultra mega power plant. The company wants the tariff of the projects increased after prices of the coal it imports from Indonesia increased. Tata Power itself has had a long regulatory battle to get the tariffs of its Mundra-based 4 GW coal-fired power plant revised, again on account of higher coal prices from Indonesia and appreciation of the US dollar against the Indian rupee. Tata Power could possibly not have chosen a better time to field the new company. India's conventional power sector is struggling with massive debts, both on the generator as well as the buyer side. Tariffs for renewable energy projects are increasing, while capital costs are falling, making them highly cost-competitive. Tata Power's announcement came only days after the government announced a rescue package for the power distribution companies which are struggling with $65.3 billion debt. The government has directed banks not to provide any additional funding to these companies. The renewable energy sector, on the other hand, has received substantial support from the government. One of the most recent measures announced by the government was to remove taxes and charges levied on the inter-state transmission of power generated from renewable energy projects.. Page 48 of 73

49 Page 49 of 73

50 Publication: Clean Technology Business Review Edition: Online Web Published Date: 12 Nov Page No.: Tata Power to spin-off 500MW of renewable assets TataPowerTata Power is planning to spin-off 500MW of renewable assets to its subsidiary Tata Power Renewable Energy (TPREL) and its subsidiaries. The move forms a part of the company's restructuring process to better focus on renewable energy capacity addition. The assets include 376.5MW of wind assets in Gujarat, Maharashtra and Tamil Nadu, 3MW solar asset in Mulshi and 120MW of waste heat recovery based power plants at Haldia, West Bengal. The projects including 11.3MW Bramhanvel, 50.4MW Khandke, 50.4MW Samana, 50.4MW Gadag, 10MW Visapur, 17.5MW Sadawaghapur, 49.5MW Agaswadi and 3MW of solar assets at Mulshi will be added to TPREL. Additionally, 17MW Supa, 21MW Nivede, 99MW Poolavadi and 120MW Haldia are being transferred to four special-purpose vehicle companies which would be wholly owned companies of TPREL. Tata Power CEO Anil Sardana said: "The company continuously evaluates various structures for its businesses to deliver better value to its shareholders by unlocking and enhancing operational synergies. "We aim to create a focused, clean and renewable energy business in TPREL with its own growth trajectory. Since the aggregation of renewable assets is being done to a wholly-owned subsidiary of the company, the shareholders in the parent company shall have the same or better value accruing to them as earlier, even after the proposed restructuring." The company's restructuring will be achieved through a scheme of arrangement under Sections 391 and Section 394 and other applicable provisions of the Companies Act, TPREL is the primary vehicle through which Tata Power will achieve its goal of generating % of electricity from clean energy sources. The current installed capacity of TPREL is 220MW, with 250MW of renewable energy projects under construction. Page 50 of 73

51 Following the aggregation of assets, the total installed capacity of TPREL will be about 720MW with additional 250MW under construction. Image: Tata Power to focus on renewables by aggregating and carving out renewable assets. Photo: courtesy of Anusorn P nachol / FreeDigitalPhotos.net. The move forms a part of the company's restructuring process to better focus on renewable energy capacity addition. The assets include 376.5MW of wind assets in Gujarat, Maharashtra and Tamil Nadu, 3MW solar asset in Mulshi and 120MW of waste heat recovery based power plants at Haldia, West Bengal. The projects including 11.3MW Bramhanvel, 50.4MW Khandke, 50.4MW Samana, 50.4MW Gadag, 10MW Visapur, 17.5MW Sadawaghapur, 49.5MW Agaswadi and 3MW of solar assets at Mulshi will be added to TPREL. Additionally, 17MW Supa, 21MW Nivede, 99MW Poolavadi and 120MW Haldia are being transferred to four special-purpose vehicle companies which would be wholly owned companies of TPREL. Tata Power CEO Anil Sardana said: "The company continuously evaluates various structures for its businesses to deliver better value to its shareholders by unlocking and enhancing operational synergies. "We aim to create a focused, clean and renewable energy business in TPREL with its own growth trajectory. Since the aggregation of renewable assets is being done to a wholly-owned subsidiary of the company, the shareholders in the parent company shall have the same or better value accruing to them as earlier, even after the proposed restructuring." The company's restructuring will be achieved through a scheme of arrangement under Sections 391 and Section 394 and other applicable provisions of the Companies Act, TPREL is the primary vehicle through which Tata Power will achieve its goal of generating % of electricity from clean energy sources. The current installed capacity of TPREL is 220MW, with 250MW of renewable energy projects under construction. Following the aggregation of assets, the total installed capacity of TPREL will be about 720MW with additional 250MW under construction. Image: Tata Power to focus on renewables by aggregating and carving out renewable assets. Photo: courtesy of Anusorn P nachol / FreeDigitalPhotos.net. Page 51 of 73

52 Publication: See News Renewables Edition: Online Web Published Date: 11 Nov Page No.: India's Tata Power to carve out 500-MW portfolio to renewables arm Indian utility group Tata Power Co Ltd (BOM:500400) on Monday announced a plan to carve out 500 MW of assets to its renewable energy-focused subsidiary, thus expanding the unit's portfolio to 720 MW. More specifically, the company will transfer MW of wind assets and 120 MW of waste heat recovery-based power plants along with a 3-MW solar array to Tata Power Renewable Energy Ltd (TPREL). The latter already owns 158 MW of wind farms and 54 MW of solar parks that are in operation and also has 250 MW of projects in the construction phase. "We aim to create a focused clean and renewable energy business in TPREL with its own growth trajectory," said Anil Sardana, CEO and managing director of Tata Power. The planned transfer of assets will also allow TPREL to tap different and competitive sources of capital to fund its growth plans, Tata Power added. The renewables business will pursue an expansion both through organic and inorganic means over the next few years. The group noted it will be using TPREL as the primary vehicle through which it is to meet its objective for clean energy sources to account for 20%-25% of its total generation capacity. The proposed restructuring of Tata Power's renewable energy assets is pending corporate and regulatory nods. Page 52 of 73

53 Publication: Khabar India Edition: Online Web Published Date: 11 Nov Page No.: Tata Power to hive off green energy biz, may get PEs Tata Power, the utilities arm of India's largest business group, will spin off its clean energy business into an independent unit with a separate strategic focus. The company will bring its 500MW of renewable energy assets, including wind and solar, under a new subsidiary called Tata Power Renewable Energy. The restructuring, subject to regulatory and shareholder approval, will pave the way for private equity (PE) investors in Tata Power Renewable Energy as the parent seeks funds to ramp up capacity of the clean energy arm through greenfield projects and also through acquisitions. India's clean energy sector is the new gold rush for marquee PE funds that are putting in millions of dollars after Prime Minister Narendra Modi set a target to have 60GW of wind energy and 100GW of solar power by up from current levels of 25GW and 4GW respectively. To boost the sector, the government has permitted 100% foreign investment and is offering tax breaks. Two weeks ago, Abu Dhabi's sovereign wealth fund invested $200 million in ReNew Power, marking its first investment in the country's renewable energy space. Some months ago, Japan's SoftBank entered this space too in partnership with Bharti Enterprises. Page 53 of 73

54 Publication: VC Circle Edition: Online Web Published Date: 11 Nov Page No.: Tata Power hives off renewable assets, eyes M&As for clean energy Tata Power Co. Ltd has hived off its clean energy business into a new unit to enhance focus on expanding its renewable energy capacity, the electricity producer said in a statement. The unit Tata Power Renewable Energy Ltd (TPREL) would look at raising capital to ramp up capacity through greenfield projects and to pursue merger and acquisition opportunities, the statement said. As part of the restructuring, Tata Power has aggregated its 500MW of renewable energy assets, including wind and solar, to TPREL. The assets include MW of wind assets in Gujarat, Maharashtra and Tamil Nadu, 3 MW of solar assets in Mulshi and 120 MW of waste heat recovery-based power plants at Haldia, West Bengal. The other four renewable energy assets - Supa (17MW), Niveda (21 MW), Poolavadi (99MW) and Haldia (120 MW) will be transferred to four wholly owned subsidiaries of TPREL. "We aim to create a focused clean and renewable energy business in TPREL with its own growth trajectory," said Anil Sardana, CEO and MD, Tata Power. "Since the aggregation of renewable assets is being done to a wholly owned subsidiary of the company, the shareholders in the parent company shall have the same or better value accruing to them as earlier, even after the proposed restructuring," he said. Through the transfer of assets, Tata Power aims to grow its generation capacity from clean energy sources 15 to 20 per cent. TPREL's installed capacity is almost 220 MW, including 158 MW of wind and 54 of solar. It has 250 MW of renewable energy projects under construction. After the restructuring, which is subject to required approvals, the total installed capacity of TPREL will be about 720 MW with an additional 250 MW under construction. Tata Power, together with its subsidiaries, has total installed generation capacity of 8,669 MW in the country and is also present is countries like Singapore, Indonesia, South Africa, Australia, among others. India aims to have 175 GW of renewable power capacity by 2022, including 100 GW of solar and 60 GW of wind. Page 54 of 73

55 Publication: The Pioneer Edition: Online Web Published Date: 11 Nov Page No.: Tata power renews focus on renewable energy Tata Power Company Limited has announced renewed focus on renewable energy capacity addition and restructuring of its renewable energy assets as part of its growth focus in the renewable energy space. The assets include MW of wind assets in Gujarat, Maharashtra and Tamil Nadu, 3 MW solar asset in Mulshi and 120 MW of waste heat recovery based power plants at Haldia, West Bengal. The proposed structuring involves carving out of 500 MW of renewable assets of the Company to its subsidiary Tata Power Renewable Energy Ltd. (TPREL) and its subsidiaries. The proposed structuring is sought to be implemented by way of a Scheme of Arrangement ("Scheme") under Sections 391 and Section 394 and other applicable provisions of the Companies Act, On this development, Anil Sardana, CEO & MD, Tata Power, said, "The Company continuously evaluates various structures for its businesses to deliver better value to its shareholders by unlocking and enhancing operational synergies. Towards this objective, the Board of Directors of the Company has approved a scheme of arrangement of the Company's renewable assets portfolio of wind, solar and production gases by consolidating them under the renewable arm namely Tata Power Renewable Energy Limited (TPREL), a wholly owned subsidiary of the Company. We aim to create a focused clean and renewable energy business in TPREL with its own growth trajectory. Since the aggregation of renewable assets is being done to a wholly owned subsidiary of the Company, the shareholders in the parent company shall have the same or better value accruing to them as earlier, even after the proposed restructuring." Page 55 of 73

56 Publication: The Economic Times Edition: Online Web Published Date: 10 Nov Page No.: Tata power to carve out arm for renewable energy Tata Power will carve out a separate fully-owned subsidiary TPREL by aggregating its renewable energy assets to enhance focus on clean energy. Tata Power will carve out a separate fully-owned subsidiary TPREL by aggregating its renewable energy assets to enhance focus on clean energy. "The proposed structuring involves carving out of 500 MW of renewable assets of the Company to its subsidiary Tata Power Renewable Energy Ltd (TPREL) and its subsidiaries," the company said in a press release today. It will have sharper focus on renewable energy capacity addition and restructuring of assets. The assets include MW of wind assets in Gujarat, Maharashtra and Tamil Nadu, 3 MW solar asset in Mulshi and 120 MW of waste heat recovery based power plants at Haldia, West Bengal. The proposed structuring is sought to be implemented by way of a Scheme of Arrangement under Sections 391 and Section 394 and other applicable provisions of the Companies Act, 1956, it said. The renewable wind assets Bramhanvel (11.3 MW), Khandke (50.4 MW), Samana (50.4 MW), Gadag (50.4 MW), Visapur (10 MW), Sadawaghapur (17.5 MW), Agaswadi (49.5 MW) and solar assets at Mulshi (3 MW) are proposed to be aggregated in TPREL. Additionally, Supa (17 MW) (Renewable Energy Undertaking No. 2), Nivede (21 MW), Poolavadi (99 MW) and Haldia (120 MW) are being transferred to four SPV companies which would be wholly owned companies of TPREL, it said. Tata Power CEO and MD Anil Sardana said: "We aim to create a focused clean and renewable energy business in TPREL with its own growth trajectory. "Since the aggregation of renewable assets is being done to a wholly owned subsidiary of the Company, the shareholders in the parent company shall have the same or better value accruing to them as earlier, even after the proposed restructuring." TPREL is the primary vehicle through which Tata Power's goal of per cent generation capacity from clean energy sources will be achieved. Page 56 of 73

57 The current installed capacity of TPREL is 220 MW (158 MW of wind and 54 MW of Solar) with 250 MW of renewable energy projects under construction. Post structuring, the total installed capacity of TPREL will be about 720 MW with additional 250 MW under construction. Other existing waste heat recovery based power plants of the company in certain JVs are also intended to be aggregated, subject to appropriate approvals and consents, the company said. Page 57 of 73

58 Publication: Business Standard Edition: Online Web Published Date: 10 Nov Page No.: Tata power to carve out renewable energy assets to TPREL _1.html Tata Power will carve out a separate fully-owned subsidiary TPREL by aggregating its renewable energy assets to enhance focus on clean energy. "The proposed structuring involves carving out of 500 MW of renewable assets of the Company to its subsidiary Tata Power Renewable Energy Ltd (TPREL) and its subsidiaries," the company said in a press release today. It will have sharper focus on renewable energy capacity addition and restructuring of assets. The assets include MW of wind assets in Gujarat, Maharashtra and Tamil Nadu, 3 MW solar asset in Mulshi and 120 MW of waste heat recovery based power plants at Haldia, West Bengal. The proposed structuring is sought to be implemented by way of a Scheme of Arrangement under Sections 391 and Section 394 and other applicable provisions of the Companies Act, 1956, it said. The renewable wind assets Bramhanvel (11.3 MW), Khandke (50.4 MW), Samana (50.4 MW), Gadag (50.4 MW), Visapur (10 MW), Sadawaghapur (17.5 MW), Agaswadi (49.5 MW) and solar assets at Mulshi (3 MW) are proposed to be aggregated in TPREL. Additionally, Supa (17 MW) (Renewable Energy Undertaking No. 2), Nivede (21 MW), Poolavadi (99 MW) and Haldia (120 MW) are being transferred to four SPV companies which would be wholly owned companies of TPREL, it said. Tata Power CEO and MD Anil Sardana said: "We aim to create a focused clean and renewable energy business in TPREL with its own growth trajectory. "Since the aggregation of renewable assets is being done to a wholly owned subsidiary of the Company, the shareholders in the parent company shall have the same or better value accruing to them as earlier, even after the proposed restructuring." TPREL is the primary vehicle through which Tata Power's goal of per cent generation capacity from clean energy sources will be achieved. The current installed capacity of TPREL is 220 MW (158 MW of wind and 54 MW of Solar) with 250 MW of renewable energy projects under construction. Post structuring, the total installed capacity of TPREL will be about 720 MW with additional 250 MW under construction. Other existing waste heat recovery based power plants of the company in certain JVs are also intended to be aggregated, subject to appropriate approvals and consents, the company said. Page 58 of 73

59 Publication: The Hindu Business Line Edition: Online Web Published Date: 10 Nov Page No.: Tata Power to enhance focus on Renewables by aggregating and carving out renewable assets to fully-owned subsidiary Tata Power Renewable Energy Ltd. (TPREL) and its subsidiaries Tata Power Company Ltd has informed BSE regarding a Press Release dated November 09, titled "Tata Power to enhance focus on Renewables by aggregating and carving out renewable assets to fully-owned subsidiary Tata Power Renewable Energy Ltd. (TPREL) and its subsidiaries". Page 59 of 73

60 Publication: The Times Of India Edition: Online Web Published Date: 10 Nov Page No.: Tata Power to hive off green energy biz, may bring in PEs PEs/articleshow/ cms Tata Power, the utility arm of India's largest business group, will spin off its clean energy business into an independent unit with a separate strategic focus. The company will bring its 500MW of renewable energy assets including wind and solar under a new subsidiary called Tata Power Renewable Energy. The restructuring, subject to regulatory and shareholder approval, will pave the way for private equity investors in Tata Power Renewable Energy as the parent seeks funds to ramp up capacity of the clean energy arm through greenfield projects and also through acquisitions. India's clean-energy is the new Gold Rush for marquee private equity funds that are putting millions of dollars in the sector since Prime Minister Narendra Modi set a target to have 60GW of wind energy and 100GW of solar power by 2022, up from current levels of 25GW and 4GW, respectively. To boost the sector, the government has permitted 100% foreign investment and is offering tax-breaks. Two weeks ago, Abu Dhabi's sovereign wealth fund invested $200 million in ReNew Power, marking its first investment in the country's renewable energy space. Some months ago, Japan's SoftBank entered this space too in partnership with Bharti Enterprises. Tata Power will look at a share-sale to private equity investors in the clean-energy unit once the business reaches a reasonable size as it will aid in deriving attractive valuations. Post the restructuring, the total capacity of Tata Power Renewable Energy will be 750MW after the addition of a 250MW under-construction facility. The fund-raising will help in financing the unit's growth plans as the Anil Sardana-led Tata Power intends to have a quarter of its total generation capacity come from renewables. It couldn't be ascertained whether Tata Power's overseas renewables ventures like the wind energy unit in South Africa and the geothermal projects in Australia and Indonesia will be brought under the new outfit. "The company continuously evaluates various structures for its businesses to deliver better value to its shareholders by unlocking and enhancing operational synergies. Towards this, the company's board has approved a scheme of arrangement for renewable assets portfolio of wind, solar and production gases by consolidating them under Tata Power Renewable Energy," said Sardana in a statement. Page 60 of 73

61 Publication: Sify Edition: Online Web Published Date: 10 Nov Page No.: Tata Power to enhance focus on Renewables by aggregating and carving out renewable assets The Tata Power Company Limited on Monday announced renewed focus on Renewable energy capacity addition and restructuring of its renewable energy assets as part of its growth focus in the renewable energy space. The assets include MW of wind assets in Gujarat, Maharashtra and Tamil Nadu, 3 MW solar asset in Mulshi and 120 MW of waste heat recovery based power plants at Haldia in West Bengal. The proposed structuring involves carving out of 500 MW of renewable assets of the Company to its subsidiary Tata Power Renewable Energy Ltd. (TPREL) and its subsidiaries. The proposed structuring is sought to be implemented by way of a Scheme of Arrangement (Scheme) under Sections 391 and Section 394 and other applicable provisions of the Companies Act, The renewable wind assets, namely Bramhanvel (11.3 MW), Khandke (50.4 MW), Samana (50.4 MW), Gadag (50.4 MW),Visapur (10 MW),Sadawaghapur (17.5 MW),Agaswadi (49.5 MW) and solar assets at Mulshi (3 MW) are proposed to be aggregated in TPREL. Additionally, Supa (17 MW) (Renewable Energy Undertaking No. 2), Nivede (21 MW), Poolavadi (99 MW) and Haldia (120 MW) are being transferred to four SPV companies which would be wholly owned companiess of TPREL. On this development, Anil Sardana, CEO MD, Tata Power, said, The Company continuously evaluates various structures for its businesses to deliver better value to its shareholders by unlocking and enhancing operational synergies. Towards this objective, the Board of Directors of the Company has approved a scheme of arrangement of the Companys renewable assets portfolio of wind, solar and production gases by consolidating them under the renewable arm namely Tata Power Renewable Energy Limited (TPREL), a wholly owned subsidiary of the Company. We aim to create a focused clean and renewable energy business in TPREL with its own growth trajectory. Since the aggregation of renewable assets is being done to a wholly owned subsidiary of the Company, the shareholders in the parent company shall have the same or better value accruing to them as earlier, even after the proposed restructuring. TPREL proposes to grow its capacity through organic and inorganic means over the next few years. TPREL is the primary vehicle through which Tata Powers goal of 20-25% generation capacity from clean energy sources will be achieved. The current installed capacity of TPREL is 220 MW (158 MW of wind and 54 MW of Solar) with 250 MW of renewable energy projects under construction. Post structuring, the total installed capacity of TPREL will be about 720 MW with additional 250 MW under construction. Other existing waste heat recovery based power plants of the company in certain JVs are also intended to be aggregated, subject to appropriate approvals and consents. The proposed restructuring is subject to necessary corporate/regulatory approvals, documentation and other details to be finalised. This move will help in positioning TPREL as the primary clean and renewable energy vehicle. Further, the proposed transfer of the renewable energy business of the Company to TPREL would enable TPREL to tap different and competitive sources of capital to fund its growth plans. This would also enable TPREL and subsidiaries to pursue captive generation opportunities if available, subject to receipt of necessary approvals and compliance. Page 61 of 73

62 Publication: Moneycontrol Edition: Online Web Published Date: 10 Nov Page No.: Tata power to carve out renewable energy assets to TPREL Tata Power will carve out a separate fully-owned subsidiary TPREL by aggregating its renewable energy assets to enhance focus on clean energy. "The proposed structuring involves carving out of 500 MW of renewable assets of the Company to its subsidiary Tata Power Renewable Energy Ltd (TPREL) and its subsidiaries," the company said in a press release today. It will have sharper focus on renewable energy capacity addition and restructuring of assets. The assets include MW of wind assets in Gujarat, Maharashtra and Tamil Nadu, 3 MW solar asset in Mulshi and 120 MW of waste heat recovery based power plants at Haldia, West Bengal. The proposed structuring is sought to be implemented by way of a Scheme of Arrangement under Sections 391 and Section 394 and other applicable provisions of the Companies Act, 1956, it said. The renewable wind assets Bramhanvel (11.3 MW), Khandke (50.4 MW), Samana (50.4 MW), Gadag (50.4 MW), Visapur (10 MW), Sadawaghapur (17.5 MW), Agaswadi (49.5 MW) and solar assets at Mulshi (3 MW) are proposed to be aggregated in TPREL. Additionally, Supa (17 MW) (Renewable Energy Undertaking No. 2), Nivede (21 MW), Poolavadi (99 MW) and Haldia (120 MW) are being transferred to four SPV companies which would be wholly owned companies of TPREL, it said. Tata Power CEO and MD Anil Sardana said, "We aim to create a focused clean and renewable energy business in TPREL with its own growth trajectory." "Since the aggregation of renewable assets is being done to a wholly owned subsidiary of the Company, the shareholders in the parent company shall have the same or better value accruing to them as earlier, even after the proposed restructuring." he added. TPREL is the primary vehicle through which Tata Powers goal of percent generation capacity from clean energy sources will be achieved. The current installed capacity of TPREL is 220 MW (158 MW of wind and 54 MW of Solar) with 250 MW of renewable energy projects under construction. Post structuring, the total installed capacity of TPREL will be about 720 MW with additional 250 MW under construction. Other existing waste heat recovery based power plants of the company in certain JVs are also intended to be aggregated, subject to appropriate approvals and consents, the company said. Tata Power stock price Page 62 of 73

63 On November 09,, Tata Power Company closed at Rs 68.35, up Rs 0.75, or 1.11 percent. The 52-week high of the share was Rs and the 52-week low was Rs The company's trailing 12-month (TTM) EPS was at Rs 3.69 per share as per the quarter ended June. The stock's price-toearnings (P/E) ratio was The latest book value of the company is Rs per share. At current value, the price-to-book value of the company is Page 63 of 73

64 Publication: Deal Street Asia Edition: Online Web Published Date: 10 Nov Page No.: India: Tata Power bundles all clean energy assets under separate company As part of its focus on renewable energy space, is consolidating all the clean energy assets under its subsidiary Tata Power Renewable Energy Ltd (TPREL), according to a stock market disclosure. These assets include MW wind assets in Gujarat, Maharashtra and Tamil Nadu; 3 MW solar assets in Mulshi, Pune and 1220 MW of waste heat recovery based power plants at Haldia, West Bengal. The other four assets- Supa (17MW, renewable energy), Niveda (21 MW), Poolavadi (99MW) and Haldia (120 MW) will also be transferred to four SPV companies, the wholly-owned subsidiaries of TPREL. "We aim to create a focused clean and renewable energy business in TPREL with its own growth trajectory. Since the aggregation of renewable assets is being done to a wholly-owned subsidiary of the company, the shareholders in the parent company shall have the same or better value accruing to them as earlier, even after the proposed restructuring," said Anil Sardana, CEO & MD, Tata Power. Tata Power together with its subsidiaries, has an installed gross generation capacity of 8,669 MW in the country. It has a presence in foreign countries also like Singapore, Indonesia, South Africa, Australia and other countries. Through the transfer of assets, Tata Power aims to grow per cent gerenation capacity from clean energy sources. TPREL's current installed capacity is almost 220 MW including 158 MW of wind and 54 of solar and 250 MW of renewable energy projects under construction. Post structuring, the total installed capacity of TPREL will be about 720 MW with an additional 250 MW under construction. Page 64 of 73

65 Publication: India Blooms Edition: Online Web Published Date: 10 Nov Page No.: Tata Power to enhance focus on Renewables by aggregating and carving out renewable assets The assets include MW of wind assets in Gujarat, Maharashtra and Tamil Nadu, 3 MW solar asset in Mulshi and 120 MW of waste heat recovery based power plants at Haldia in West Bengal. The proposed structuring involves carving out of 500 MW of renewable assets of the Company to its subsidiary Tata Power Renewable Energy Ltd. (TPREL) and its subsidiaries. The proposed structuring is sought to be implemented by way of a Scheme of Arrangement ("Scheme") under Sections 391 and Section 394 and other applicable provisions of the Companies Act, The renewable wind assets, namely Bramhanvel (11.3 MW), Khandke (50.4 MW), Samana (50.4 MW), Gadag (50.4 MW),Visapur (10 MW),Sadawaghapur (17.5 MW),Agaswadi (49.5 MW) and solar assets at Mulshi (3 MW) are proposed to be aggregated in TPREL. Additionally, Supa (17 MW) (Renewable Energy Undertaking No. 2), Nivede (21 MW), Poolavadi (99 MW) and Haldia (120 MW) are being transferred to four SPV companies which would be wholly owned companiess of TPREL. On this development, Anil Sardana, CEO & MD, Tata Power, said, "The Company continuously evaluates various structures for its businesses to deliver better value to its shareholders by unlocking and enhancing operational synergies. Towards this objective, the Board of Directors of the Company has approved a scheme of arrangement of the Company's renewable assets portfolio of wind, solar and production gases by consolidating them under the renewable arm namely Tata Power Renewable Energy Limited (TPREL), a wholly owned subsidiary of the Company. We aim to create a focused clean and renewable energy business in TPREL with its own growth trajectory. Since the aggregation of renewable assets is being done to a wholly owned subsidiary of the Company, the shareholders in the parent company shall have the same or better value accruing to them as earlier, even after the proposed restructuring." TPREL proposes to grow its capacity through organic and inorganic means over the next few years. TPREL is the primary vehicle through which Tata Power's goal of 20-25% generation capacity from clean energy sources will be achieved. The current installed capacity of TPREL is 220 MW (158 MW of wind and 54 MW of Solar) with 250 MW of renewable energy projects under construction. Post structuring, the total installed capacity of TPREL will be about 720 MW with additional 250 MW under construction. Other existing waste heat recovery based power plants of the company in certain JVs are also intended to be aggregated, subject to appropriate approvals and consents. The proposed restructuring is subject to necessary corporate/regulatory approvals, documentation and other details to be finalised. This move will help in positioning TPREL as the primary clean and renewable energy vehicle. Further, the proposed transfer of the renewable energy business of the Company to TPREL would enable TPREL to tap different and competitive sources of capital to Page 65 of 73

66 fund its growth plans. This would also enable TPREL and subsidiaries to pursue captive generation opportunities if available, subject to receipt of necessary approvals and compliance. Page 66 of 73

67 Publication: Myiris Edition: Online Web Published Date: 10 Nov Page No.: Tata Power announces enhanced focus on renewable capacity addition Tata Power Company, an integrated power company, today announced renewed focus on renewable energy capacity addition and restructuring of its renewable energy assets as part of its growth focus in the renewable energy space. The assets include MW of wind assets in Gujarat, Maharashtra and Tamil Nadu, 3 MW solar asset in Mulshi and 120 MW of waste heat recovery based power plants at Haldia, West Bengal. The proposed structuring involves carving out of 500 MW of renewable assets of the company to its subsidiary Tata Power Renewable Energy (TPREL) and its subsidiaries. "The proposed structuring is sought to be implemented by way of a scheme of arrangement (Scheme) under Sections 391 and Section 394 and other applicable provisions of the Companies Act, 1956,' the company said. The renewable wind assets, namely Bramhanvel (11.3 MW), Khandke (50.4 MW), Samana (50.4 MW), Gadag (50.4 MW),Visapur (10 MW),Sadawaghapur (17.5 MW),Agaswadi (49.5 MW) and solar assets at Mulshi (3 MW) are proposed to be aggregated in TPREL. Additionally, Supa (17 MW) (Renewable Energy Undertaking No. 2), Nivede (21 MW), Poolavadi (99 MW) and Haldia (120 MW) are being transferred to four SPV companies which would be wholly owned companies of TPREL. On this development, Anil Sardana, CEO & MD, Tata Power, said, 'We aim to create a focused clean and renewable energy business in TPREL with its own growth trajectory. Since the aggregation of renewable assets is being done to a wholly owned subsidiary of the Company, the shareholders in the parent company shall have the same or better value accruing to them as earlier, even after the proposed restructuring.' TPREL proposes to grow its capacity through organic and inorganic means over the next few years. TPREL is the primary vehicle through which Tata Power's goal of 20-25% generation capacity from clean energy sources will be achieved. The current installed capacity of TPREL is 220 MW (158 MW of wind and 54 MW of Solar) with 250 MW of renewable energy projects under construction. Post structuring, the total installed capacity of TPREL will be about 720 MW with additional 250 MW under construction. Shares of the company gained Rs 0.75, or 1.11%, to settle at Rs The total volume of shares traded was 986,490 at the BSE (Monday). Page 67 of 73

68 Publication: Recharge News Edition: Online Web Published Date: 10 Nov Page No.: Tata Power's TPREL unit to take control of 377MW of wind capacity Tata Power reported a 6.6% year-on-year jump in its second-quarter revenue to 90.4bn rupees ($1.36bn) and unveiled plans to shift oversight of 376.5MW of operational wind capacity to its main renewables-development unit. Page 68 of 73

69 Publication: New Kerala Edition: Online Web Published Date: 10 Nov Page No.: Tata Power to enhance focus on Renewables by aggregating and carving out renewable assets The Tata Power Company Limited on Monday announced renewed focus on Renewable energy capacity addition and restructuring of its renewable energy assets as part of its growth focus in the renewable energy space. The assets include MW of wind assets in Gujarat, Maharashtra and Tamil Nadu, 3 MW solar asset in Mulshi and 120 MW of waste heat recovery based power plants at Haldia in West Bengal. The proposed structuring involves carving out of 500 MW of renewable assets of the Company to its subsidiary Tata Power Renewable Energy Ltd. (TPREL) and its subsidiaries. The proposed structuring is sought to be implemented by way of a Scheme of Arrangement (Scheme) under Sections 391 and Section 394 and other applicable provisions of the Companies Act, The renewable wind assets, namely Bramhanvel (11.3 MW), Khandke (50.4 MW), Samana (50.4 MW), Gadag (50.4 MW),Visapur (10 MW),Sadawaghapur (17.5 MW),Agaswadi (49.5 MW) and solar assets at Mulshi (3 MW) are proposed to be aggregated in TPREL. Additionally, Supa (17 MW) (Renewable Energy Undertaking No. 2), Nivede (21 MW), Poolavadi (99 MW) and Haldia (120 MW) are being transferred to four SPV companies which would be wholly owned companiess of TPREL. On this development, Anil Sardana, CEO MD, Tata Power, said, The Company continuously evaluates various structures for its businesses to deliver better value to its shareholders by unlocking and enhancing operational synergies. Towards this objective, the Board of Directors of the Company has approved a scheme of arrangement of the Companys renewable assets portfolio of wind, solar and production gases by consolidating them under the renewable arm namely Tata Power Renewable Energy Limited (TPREL), a wholly owned subsidiary of the Company. We aim to create a focused clean and renewable energy business in TPREL with its own growth trajectory. Since the aggregation of renewable assets is being done to a wholly owned subsidiary of the Company, the shareholders in the parent company shall have the same or better value accruing to them as earlier, even after the proposed restructuring. TPREL proposes to grow its capacity through organic and inorganic means over the next few years. TPREL is the primary vehicle through which Tata Powers goal of 20-25% generation capacity from clean energy sources will be achieved. The current installed capacity of TPREL is 220 MW (158 MW of wind and 54 MW of Solar) with 250 MW of renewable energy projects under construction. Post structuring, the total installed capacity of TPREL will be about 720 MW with additional 250 MW under construction. Other existing waste heat recovery based power plants of the company in certain JVs are also intended to be aggregated, subject to appropriate approvals and consents. The proposed restructuring is subject to necessary corporate/regulatory approvals, documentation and other details to be finalised. Page 69 of 73

70 This move will help in positioning TPREL as the primary clean and renewable energy vehicle. Further, the proposed transfer of the renewable energy business of the Company to TPREL would enable TPREL to tap different and competitive sources of capital to fund its growth plans. This would also enable TPREL and subsidiaries to pursue captive generation opportunities if available, subject to receipt of necessary approvals and compliance. Page 70 of 73

71 Publication: Itech Post Edition: Online Web Published Date: 10 Nov Page No.: Tata Power To Achieve Renewable Energy Targets in India by One of the largest power companies in India will be spinning off to the clean energy market as an independent firm with a different strategic campaign. Tata Power is set to bring renewable energy assets, including solar and wind energy up to 500 megawatts under a new name, Tata Power Renewable Energy. The reconstruction was subject to a shareholder and regulations approval. It will cover private equity investors to the power company as the mother company seeks funding to boost its capacity to green energy through acquisitions and rural projects. The clean energy division of India is the new gold mine for private equity funds. After Prime Minister Narendra Modi set a goal for the country to have 100GW of solar power and 60GW of wind energy on or before 2022, private equity funds are now making millions of dollars through investments. To boost India's clean energy sector, the government permitted foreign investments with tax breaks. Inclined to its investments, Abu Dhabi has invested $200 million to ReNew Power a couple of weeks ago, marking the first renewable energy space investment. Also, SoftBank of Japan entered India's clean energy sector with a partnership made with Bharti Enterprises a couple of months ago. Tata Power will be looking at share sales to PE private equity investors in the renewable energy business once it reaches a reasonable extent, as it will aid deriving striking compensations. After the restructuring, the power company will be generating 750 megawatts of renewable energy together with a facility that is still under construction, which will provide 250 megawatts of clean and renewable energy. Although, it could not be ascertained that the power company's venture overseas for renewable energy like South Africa's wind energy unit and Australia's geothermal energy along with Indonesia will be accepted through the new structure of Tata Power. "We aim to create a focused clean and renewable energy business in TPREL with its own growth trajectory,"tata Power Managing Director Anil Sardana said. Thecompany continues to check other structures for its clean energy business to give better value to its shareholders by enhancing and unlocking operational collaborations. In this regard, the company's board of directors approved an arrangement scheme for renewable energy assets such as solar, wind, and gasses through consolidation under Tata Power Renewable Energy's namesake. Page 71 of 73

72 Publication: Your Renewable News Edition: Online Web Published Date: 10 Nov Page No.: Tata Power announces enhanced focus on renewable capacity addition power announces enhanced focus on renewable capacity addition_ html The Tata Power Company today announced renewed focus on renewable energy capacity addition and restructuring of its renewable energy assets as part of its growth focus in the renewable energy space. The assets include MW of wind assets in Gujarat, Maharashtra and Tamil Nadu; 3 MW of solar asset in Mulshi; and 120 MW of waste heat recovery- based power plants at Haldia, West Bengal. The proposed structuring involves carving out of 500 MW of renewable assets of the company to its subsidiary Tata Power Renewable Energy (TPREL) and its subsidiaries. The proposed structuring is sought to be implemented by way of a Scheme of Arrangement ("Scheme") under Sections 391 and Section 394 and other applicable provisions of the Companies Act, The renewable wind assets, namely Bramhanvel (11.3 MW), Khandke (50.4 MW), Samana (50.4 MW), Gadag (50.4 MW), Visapur (10 MW), Sadawaghapur (17.5 MW), Agaswadi (49.5 MW) and solar assets at Mulshi (3 MW) are proposed to be aggregated in TPREL. Additionally, Supa (17 MW) (Renewable Energy Undertaking No. 2), Nivede (21 MW), Poolavadi (99 MW) and Haldia (120 MW) are being transferred to four SPV companies which would be wholly owned companie s of TPREL. On this development, Anil Sardana, CEO & MD, Tata Power, said, "The company continuously evaluates various structures for its businesses to deliver better value to its shareholders by unlocking and enhancing operational synergies. Towards this objective, the board of directors of the company has approved a scheme of arrangement of the company's renewable assets portfolio of wind, solar and production gases by consolidating them under the renewable arm, namely Tata Power Renewable Energy (TPREL), a wholly-owned subsidiary of the company. We aim to create a focused, clean and renewable energy business in TPREL with its own growth trajectory. Since the aggregation of renewable assets is being done to a wholly-owned subsidiary of the company, the shareholders in the parent company shall have the same or better value accruing to them as earlier, even after the proposed restructuring." TPREL proposes to grow its capacity through organic and inorganic means over the next few years. TPREL is the primary vehicle through which Tata Power's goal of percent generation capacity from clean energy sources will be achieved. The current installed capacity of TPREL is 220 MW (158 MW of wind and 54 MW of solar energy) with 250 MW of renewable energy projects under construction. Post structuring, the total installed capacity of TPREL will be about 720 MW with additional 250 MW under construction. Other existing waste heat recovery based power plants of the company in certain JVs are also intended to be aggregated, subject to appropriate approvals and consents. The proposed restructuring is subject to necessary corporate / regulatory approvals, documentation and other details to be finalised. This move will help in positioning TPREL as the primary clean and renewable energy vehicle. Further, the proposed transfer of the renewable energy business of the company to TPREL would enable TPREL to tap different and competitive sources of capital to fund its growth plans. This would also enable TPREL and subsidiaries to pursue captive generation opportunities if available, subject to receipt of necessary approvals and compliance. Page 72 of 73

73 Page 73 of 73