Torrent Power on Friday said it has completed the acquisition of wind energy firm Surya Vidyut from CESC. Surya Vidyut was a wholly-owned subsidiary of CESC, which is a RP-Sanjiv Goenka Group company, a with a total capacity of 156 megawatts (MW).
“In furtherance to our earlier communication dated September 21, 2021, we wish to inform you that the transactions for sale and transfer of the entire shareholding in Surya Vidyut, pursuant to the execution of share purchase agreement between CESC and its six subsidiaries with Torrent Power, has been completed today,” CESC said in a stock exchange filing.
“The company has, pursuant to share purchase agreement, between Torrent Power and CESC, Haldia Energy alongwith nominal shareholders (the sellers) and Surya Vidyut (SPV) as intimated earlier, completed transaction of acquisition of 100% equity share capital of Surya Vidyut, which operates 156 MW of Wind Power Plants spread across the states of Gujarat, Rajasthan and Madhya Pradesh,” Torrent Power said in a separate stock exchange filing.
The 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 said in a release. Torrent Power is the integrated power utility of the diversified Torrent Group with group revenues of Rs 20,500 crore and market cap of Rs 71,000 crore. It 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.