Tata Power to own Tata BP Solar

Tata Power signed an agreement to acquire 51 percent stake of BP Alternative Energy Holdings, in its solar joint venture, Tata BP Solar.After the purchase, Tata Power will own the entire company. The move comes in the wake of BP's recent decision to exit its solar busi­ness.Tata BP Solar was for­med in 1989 to manufacture pho­­to­voltaic cells and modules.

Tata Power will continue to enjoy access to certain BP tech­nology until 2013. A technology agreement will be signed for the same. Tata BP Solar has a 125-MW solar module manufacturing capacity. Tata Power sees growth in the solar module and solar cell market in the country. The Jawaharlal Nehru National Solar Mission has set an ambitious target of 20,000 MW of solar power by 2022. Local manufacturers have advantage as the policies lay emphasis on usage of indigenously manufactured modules for getting incentives.