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Torrent Power completes acquisition of 156 MW Wind Power Plants from CESC Limited
Torrent Power completes acquisition of 156 MW Wind Power Plants from CESC Limited
Torrent Power Limited today said that it has completed the transaction of acquisition of 100 per cent equity share capital of Surya Vidyut Limited (SPV), a wholly-owned subsidiary of CESC Limited.
Torrent Power Limited today said that it has completed the transaction of acquisition of 100 per cent equity share capital of Surya Vidyut Limited (SPV), a wholly-owned subsidiary of CESC Limited. Surya Vidyut operates 156 MW of wind power plants spread across 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 a weighted average PPA tariff of Rs. 4.68/ kWh.
Torrent Power Limited on September 21, 2021, entered into a share purchase agreement with CESC Limited and others for 100 per cent acquisition of CESC's wholly-owned subsidiary Surya Vidyut Limited and its 156 Mw wind power plants for about Rs 790 crore.
Torrent Power, the integrated power utility of the diversified Torrent Group with group revenues of Rs 20,500 crore (approx. USD 2.7 billion) and a Market Cap of Rs 71,000 (approx. USD 9.3 billion), 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 ~ 3.9 GW, which consists largely of clean generation sources such as gas (2.7 GW) and renewables (0.8 GW). It also has a capacity of 0.5 GW of renewable energy plants under the advanced stage of acquisition or under development.
With the acquisition of 156 MW Wind Power Plants, Torrent Power's total generation capacity, including underdevelopment portfolio, will reach ~4.6 GW with a renewable portfolio of more than ~1.5 GW. This acquisition initiates Torrent's renewable energy presence in the States of Rajasthan and Madhya Pradesh and is in line with the Company's strategy to grow and strengthen its position in the Renewable Energy sector.
CESC Limited belongs to RP-Sanjiv Goenka Group and is a vertically integrated power utility engaged in the generation, transmission and distribution of electricity. CESC Limited (53.79 per cent), Haldia Energy Limited (46.21 per cent) along with other Nominal Shareholders hold 100 per cent equity share capital of Surya Vidyut Limited.
