Torrent Power Ltd on Friday said it has completed the acquisition of Surya Vidyut Ltd, a wholly-owned subsidiary of CESC Limited.
Surya Vidyut operates 156 Mw Wind power plants in Gujarat, Rajasthan and Madhya Pradesh, an official statement said.
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.
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 advanced stage of acquisition or under development, the statement said.
With the acquisition of 156 MW Wind power plants, Torrent Power’s total generation capacity, including under development portfolio, will reach to 4.6 GW with 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,” it said.
