Tata Power Renewable Energy Limited (TPREL), a 100 per cent subsidiary of Tata Power, one of India's largest integrated power companies, has completed the acquisition of AES Saurashtra Windfarms Pvt Ltd (ASW), the erstwhile 100 per cent subsidiary of AES Corporation.
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 2012 has executed a power purchase agreement with Gujarat Urja Vikas Nigam Ltd (GUVNL) for sale of the electricity at a tariff of Rs 3.56/kWh for the duration of the project. The project is registered with United Nation Framework Convention on Climate Change (UNFCCC) as a Clean Development Mechanism (CDM) project and is eligible to receive Certified Emission Reductions (CERs). The project is also registered under the Generation Based Incentive scheme of Ministry of New and Renewable Energy (MNRE).
"TPREL was selected as the preferred bidder in a process conducted by AES Corporation for sale of its 100 per cent stake in ASW in September 2013 and signed a share purchase agreement for the acquisition on October 7, 2013. The acquisition was subject to certain conditions, which have now been completed," the company said in a statement.
With this acquisition, Tata Power's total generation capacity will increase to 8560 MW and its Wind Operational Generation capacity to 437 MW with wind turbines located across five states; Maharashtra, Rajasthan, Gujarat, Tamil Nadu and Karnataka, which are the leading states in promoting wind power generation in India.
Anil Sardana, managing director, Tata Power, said, "Tata Power endeavours to generate 20-25 per cent of its total generation capacity from clean energy sources. The project is a clean energy project, which will enhance and increase the company's clean energy footprint. 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."
Tata Power currently has four of its renewable projects registered under the Clean Development Mechanism (CDM) program by UNFCCC.
