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Tata Power Renewable Energy Ltd (TPREL), a 100% subsidiary of Tata Power, on Tuesday completed acquisition of 100% shareholding in AES Saurashtra Windfarms Pvt Ltd (ASW), the erstwhile 100% subsidiary of the US-based AES Corporation.
ASW owns and operates a 39.2 MW wind farm near Dwarka in Jamnagar district of Gujarat. The running project has executed a power purchase agreement with Gujarat Urja Vikas Nigam Ltd (GUVNL) for sale of electricity at a tariff of Rs 3.56/kWh for the duration of the project, the company said in a statement here.
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 the Union Government.
TPREL was selected as the preferred bidder in a process conducted by AES Corporation for sale of its 100% 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.
With this acquisition, Tata Power’s total generation capacity will increase to 8,560 MW and its wind power operational generation capacity to 437 MW with wind turbines located across five states - Maharashtra, Rajasthan, Gujarat, Tamil Nadu and Karnataka, said Anil Sardana, Managing Director, Tata Power.
He said Tata Power endeavours to generate 20-25 % of its total generation capacity from clean energy source.
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 projects each at Gadag, Khandke and Samana in Maharashtra. The fourth project is the 25 MW Solar project at Mithapur, Gujarat.
AES Saurashtra Windfarms Pvt Ltd is a subsidiary of the AES Corporation, USA. Its 21-hectare wind farm near Dwarka was commissioned in stages between June 2011 and January 2012.
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