Torrent Power Limited has completed the transaction of acquisition of Surya Vidyut Limited, wholly-owned subsidiary of CESC Limited that operates 156 megawatt (MW) wind power projects in Gujarat, Rajasthan and Madhya Pradesh, the company informed on Friday.

The development comes as a result of share purchase agreement (SPA) between Torrent Power Limited and CESC Limited, Haldia Energy Limited along with Nominal Shareholders (the Sellers) and Surya Vidyut Limited (SPV).

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 ₹4.68/ kWh, the company informed in a statement on Friday.

CESC Limited (53.79%), Haldia Energy Limited (46.21%) along with other nominal shareholders held 100 per cent equity share capital of Surya Vidyut Limited.

With the acquisition of 156 MW wind power plants, Torrent Power's total generation capacity, including under development portfolio, will reach to around 4.6 GigaWatt (GW) with renewable portfolio of more than around 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," the statement added.

Torrent Power currently has an aggregate installed generation capacity of around 3.9 GW, which consists of clean generation sources such as gas (2.7 GW) and renewables (0.8 GW).

The company also has a capacity of 0.5 GW of renewable energy plants under advanced stage of acquisition or under development.

RP-Sanjiv Goenka Group-owned CESC Limited is a vertically integrated power utility engaged in generation, transmission and distribution of electricity.

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