The power utility completed acquisition of 100% equity share capital of Surya Vidyut (SPV), wholly owned subsidiary of CESC.
Surya Vidyut operates 156 MW wind power plants (the projects), spread across the states of Gujarat, Rajasthan and Madhya Pradesh.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 Power 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. It currently has an aggregate installed generation capacity of 3.9 GW, which consists largely of clean generation sources such as gas (2.7 GW) and renewables (0.8 GW).
With the acquisition of 156 MW wind power plants, Torrent Power's total generation capacity, including under development portfolio, will reach to ~4.6 GW with renewable portfolio of more than ~1.5 GW.
This acquisition initiates Torrent's renewable energy presence in Rajasthan and Madhya Pradesh and is in line with the company's strategy to grow and strengthen its position in the renewable energy sector.
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.
Torrent Power's consolidated net profit jumped 14.8% to Rs 369.45 crore on 27.6% surge in net sales to Rs 3,767.43 crore in Q3 FY22 over Q3 FY21.
Shares of Torrent Power fell 0.46% to settle at Rs 480.80 on Friday, 11 March 2022.
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