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.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU