India-based power company Tata Power has signed a share purchase agreement with BP Alternative Energy Holdings to purchase BP's 51% equity stake and preferred shares in the companies' joint venture firm, Tata BP Solar.
Upon completion of the transaction, Tata Power will own 100% of Tata BP Solar. The deal requires approval from the Reserve Bank of India, as well as from the Competition Commission of India.
Tata Power and BP have agreed that the joint venture company will continue to enjoy access to certain BP technology until 2013. In order to provide for a smooth transition regarding branding and fulfillment of recertification requirements for solar PV modules, Tata Power and BP have agreed on a transition period for product and non-product related rebranding and certification.