Shares of Tata Power Company were up nearly 3% at Rs 84 on BSE after the company said it has 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.
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.