Mumbai, Sept. 21 -- Torrent Power has entered into a share purchase pact to acquire 156 MW wind power projects for about Rs.790 crore from Surya Vidyut, wholly owned subsidiary of CESC Limited, the company said today.
Surya Vidyut operates 156 MW Wind power plants (the Projects), spread across the states of Gujarat, Rajasthan and Madhya Pradesh.
Long-term Power Purchase Agreements (PPAs) for the Projects are with respective state discoms for a period of 25 years, with weighted average PPA tariff of Rs. 4.68/ kWh.
The acquisition is further subject to customary conditions for transaction closure.
Torrent Power, the integrated power utility of the diversified Torrent Group with group revenues of Rs. 20,500 Cr and market cap of Rs.75,000, is one of the largest companies in the country's power sector with presence across the entire power value chain of generation, transmission and distribution.
Torrent Power currently has an aggregate installed generation capacity of 3,879 MW comprising of 2,730 MW gas-based capacity, 787 MW renewable capacity and 362 MW coal-based capacity.
Further, renewable power projects of 815 MW are under development, of which LOAs have been received and PPA has been executed for projects of 515 MW.
CESC Limited, an RP-Sanjiv Goenka Group is a vertically integrated power utility engaged in generation, transmission and distribution of electricity. CESC Limited (53.79%), Haldia Energy Limited (46.21%) along with other Nominal Shareholders hold 100% equity share capital of Surya Vidyut Limited. Published by HT Digital Content Services with permission from MINT. For any query with respect to this article or any other content requirement, please contact Editor at email@example.com