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Torrent Power Limited has, pursuant to Share Purchase Agreement between Torrent Power Limited and CESC Limited, Haldia Energy Limited alongwith Nominal Shareholders (the Sellers) and Surya Vidyut Limited (SPV), completed transaction of acquisition of 100% Equity Share Capital of Surya Vidyut Limited (SPV), wholly owned subsidiary of CESC Limited.
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.
Torrent Power, the integrated power utility of the diversified Torrent Group with group revenues of Rs.20,500 Cr (approx. USD 2.7 billion) and 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 advanced stage of acquisition or under development. 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.
CESC Limited, belongs to RP-Sanjiv Goenka Group and 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.