)
Tata Power today signed a share purchase agreement to buy 39.2 megawatts wind farm in Gujarat, from US-based AES Corporation's Indian subsidiary. The financial details of the transaction were not revealed.
The wind farm is located near Dwarka in Jamnagar district of Gujarat, and has been operating since January 2012. It has a power sale agreement with Gujarat Urja Vidyut Nigam to sell the power it generates, for a tariff of Rs 3.56 per unit.
Tata emerged as victorious bidder in the process conducted for the sale of 100% stake in the farm. “The acquisition is subject to certain conditions, which are expected to be addressed in a few months time,” Tata Power said.
This acquisition will take the portfolio of Tata Power's wind power generating capacity to 437 megawatts. It has wind farms across various states like Maharashtra, Rajasthan, Gujarat, Tamil Nadu and Karnataka. Its total power generating capacity including coal and gas would is at 8,560 megawatts.
“Tata Power is committed to generating 20-25 % of its total generation capacity from clean energy sources and is proud to have signed this SPA to acquire 39.2 MW operational wind farm. This is our second acquisition of an operating wind asset and we are in constant look out for similar opportunities in respect of wind and solar plants,” said Anil Sardana, managing director, Tata Power.
The stock of Tata Power went up by 2.2%, to trade at Rs 83.5, at 1:42 pm.
