As part of its strategy to diversify its operation into non-conventional sources of energy, Tata Power plans to acquire renewable energy assets in the country.

The company, which has a total power generation capacity of 6,899 mw, operates 6,047 mw of coal-based power plants. Now the firm wants to diversify into renewable energy segment.

In this regard, the company recently bought a 5 percent stake in Exergen and a 10 percent stake in Geodynamics, both of which are renewable energy firms based in Australia.

The firm is also developing a floating concentrated solar photovoltaic pilot project at a lake in Walwhan with another Australian company, Sunengy.

One of the aim of its strategy to buy renewable energy assets from companies that had built these assets is to avail tax incentives. It is learnt, however, that the firm is not keen to run them.

Further, it has formed a consortium with Australian company Origin Energy and PT Supraco Indonesia for developing a 240 mw geothermal project in Indonesia.