Tata Power announced acquisition of Welspun Renewables Energy on June 12, in a deal worth Rs 9,249 crore. The Veltoor unit is expected to be commissioned by May 2017 and will be funded 80 per cent by debt and 20 per cent by equity. The power purchase agreement (PPA) for the project has already been signed with the Telangana Southern Power Distribution Company, for 25 years. Power will be supplied at a fixed Rs 5.59 a unit (kw/hour). India is a primary growth market for CLP and Veltoor project will make an important contribution to the expansion plan, the Hong Kong-based company said. Beside, it will aid CLP to meet its target of having 20 per cent of power generated by renewable energy (RE) by 2020. Mahesh Makhija, director, renewables-business development and commercial, CLP India, told this newspaper their Indian arm had gone ahead and already had a third of its portfolio coming from renewables.