Tata Power Signs Share Purchase Agreement (SPA) For Acquisition Of 39.2 MW Wind Farm In Gujarat
Mumbai, Maharashtra - Tata Power Renewable Energy Limited (TPREL), a 100% subsidiary of Tata Power, India’s largest integrated power company, has recently signed a SPA for acquisition of 100% shareholding in AES Saurashtra Windfarms Pvt Ltd (ASW), a 100% 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 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 UNFCCC as a CDM project and is eligible to receive CERs. The project is also registered under the Generation Based Incentive scheme of MNRE.
TPREL was selected as the preferred bidder in a process conducted by AES Corporation for sale of its 100% stake in ASW. The acquisition is subject to certain conditions, which are expected to be addressed in a few months time.
With this acquisition, Tata Power’s total generation capacity will increase to 8560 MW and its Wind Operational Generation capacity to 437 MW with WTGs located across five states Maharashtra, Rajasthan, Gujarat, Tamil Nadu and Karnataka, which are the leading states in promoting wind power generation in India.
Speaking on achieving this milestone, Mr. Anil Sardana, Managing Director, Tata Power, said, “Tata Power is committed to generating 20-25 % of its total generation capacity from clean energy sources and is proud to have signed this SPA to acquire 39.2 MW operational wind farm. The project is a clean energy project, which will enhance and increase 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. This is yet another step towards the Company's commitment to Sustainability."
The Company’s strategy emphasizes the development of clean energy generation from non-fossil fuel and renewable energy sources to balance the carbon emissions from fossil fuel based generation capacity while contributing towards energy security of the country.
Tata Power currently has four of its renewable projects registered under the Clean Development Mechanism (CDM) program by United Nations Framework Convention on Climate Change (UNFCCC). These projects include 50.4 MW Wind project at Gadag, 50.4 MW Wind project at Khandke and 50.4 MW Wind project at Samana in Maharashtra. The fourth project is the 25 MW Solar project at Mithapur, Gujarat.
SOURCE: Tata Power