Torrent Power acquires 156 MW wind power projects from Surya Vidyut
Torrent Power on Tuesday announced that it has inked a share purchase pact to acquire 156 MW wind power projects for about Rs 790 crore from Surya Vidyut, an arm of CESC Ltd.
Surya Vidyut operates 156 MW wind power plants spread across the states of Gujarat, Rajasthan and Madhya Pradesh, a statement said. The projects have long-term power purchase agreements (PPAs) with their respective state discoms for a period of 25 years, with weighted average PPA tariff of Rs 4.68 per cent kWh.
Torrent Power has entered into an agreement with CESC Limited, Haldia Energy and other nominal shareholders for the acquisition of 100 per cent of the share capital of Surya Vidyut, the statement said.
The enterprise value estimated for this acquisition is about Rs 790 crore, subject to closing price adjustments. The acquisition is further subject to customary conditions for transaction closure.
Torrent Power, the integrated power utility of the diversified Torrent Group, is one of the largest companies in India’s power sector with a presence across the entire power value chain of generation, transmission and distribution.
Torrent Power has an aggregate installed generation capacity of 3,879 MW comprising 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. With the acquisition of 156 MW wind power plants, Torrent Power's total generation capacity will reach to 4.9 GW.