M&A

M&A

Torrent Power acquires 156 MW wind energy capacities from CESC unit Surya Vidyut

BSE Disclosure  

Torrent Power Ltd has entered into a pact with CESC Ltd, Haldia Energy Ltd and other shareholders to acquire 100% of the share capital of Surya Vidyut Ltd (the SPV), a wholly owned subsidiary of CESC Ltd. Surya Vidyut operates 156 MW Wind power plants spread across Gujarat, Rajasthan and Madhya Pradesh. Long-term Power Purchase Agreements (PPAs) for the projects are with respective state discerns for a period of 25 years, with weighted average PPA tariff of INR 4.68/ kWh. Enterprise value estimated for this acquisition is about INR 790 crore. With this acquisition, Torrent Power's total generation capacity, including under-development portfolio, will reach about 4.9 GW with a renewable portfolio of more than 1.8 GW. CESC belongs to RP-Sanjiv Goenka Group and is a vertically integrated power utility engaged in generation, transmission and distribution of electricity. CESC (53.79%), Haldia Energy (46.21%) along with other nominal shareholders hold 100% equity share capital of Surya Vidyut.