Torrent Power acquires 156 MW of wind power plants from CESC

Torrent Power has signed a share purchase agreement to acquire 156 MW of wind power projects for about Rs 7.9 billion from Surya Vidyut, a subsidiary of Chamundeshwari Electricity Supply Corporation Limited (CESC). Torrent Power has acquired of 100 per cent of the share capital of Surya Vidyut Limited from CESC Limited, Haldia Energy Limited and other nominal shareholders.

Surya Vidyut operates 156 MW wind power plants which sell the power to the discoms of Gujarat, Rajasthan and Madhya Pradesh at the weighted average tariff of Rs 4.68 per unit. The Gujarat discom has more than 60 per cent of the power purchase agreements for these plants, with an average tariff of Rs 4.09 per unit.

Torrent Power has a total installed generation capacity of 3,879 MW, with 2,730 MW of gas-based capacity, 787 MW of renewables capacity, and 362 MW of coal-based capacity. Further, renewable power projects of 815 MW are under development, of which LOAs have been received and PPA has been executed for projects of 515 MW. In August 2021, Torrent Power Limited had announced the acquisition of 100 per cent of the share capital and all securities of LREHL Renewables India SPV 1 Private Limited (SPV) from Lightsource India Limited and Lightsource Renewable Energy (India) Limited. The enterprise value was of Rs 3.17 billion, including the viability gap funding (VGF) receivable.