Tata Power Renewable Energy, an arm of Tata Power, on Tuesday announced the acquisition of AES Saurashtra Windfarms Private Ltd.
“Tata Power Renewable Energy, a 100 per cent subsidiary of Tata Power, has completed acquisition of 100 per cent shareholding in AES Saurashtra Windfarms Private Ltd, the erstwhile wholly-owned subsidiary of AES Corporation,” Tata Power said in a stock exchange filing.The company did not disclose the value of the acquisition.
ASW owns and operates a 39.2 MW wind farm near Dwarka in Jamnagar district of Gujarat.
The project which is fully operational since January 2013 has executed a power purchase agreement with Gujarat Urja Vikas Nigam Ltd (GUVNL) for sale of electricity at a tariff of Rs 3.56/KwH for the duration of the project, the statement said.
With this acquisition Tata Power’s total generation capacity will increase to 8,560 MW and its wind operational generation capacity to 437 MW with wind turbines located across five states — Maharashtra, Rajasthan, Gujarat, Tamil Nadu and Karnataka.
“Tata Power endeavours to generate 20-25 per cent of its total generation capacity from clean energy sources and is proud to have completed this acquisition of the 39.2 MW operational wind farm,” Anil Sardana, managing director Tata Power said.
Shares of Tata Power closed at Rs80.95 apiece, down 2.06 per cent on the BSE on Tuesday.
