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    Default Tata Power arm to buy wind farm in Gujarat

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    Tata Power, on Tuesday, said that it would acquire a 39.2 MW wind farm in Gujarat in a move that would scale up its renewable energy portfolio.

    The company’s 100 per cent subsidiary, Tata Power Renewable Energy Ltd. (TPREL), has signed a share purchase agreement (SPA) with AES Corporation for acquisition of the U.S. company’s 100 per cent shareholding in AES Saurashtra Windfarms Pvt Ltd. (ASW). The financial details of the transaction were not disclosed.

    It costs about Rs. 6 crore to set up one MW of wind energy capacity. The reason behind the exit of AES from this project is not known.

    ASW owns and operates a 39.2 MW wind farm in Jamnagar district of Gujarat.

    The project has been fully operational since January, 2012, and ASW has executed a power purchase agreement with Gujarat Urja Vikas Nigam Ltd. for sale of electricity at a tariff of Rs. 3.56/kWh for the duration of the project.

    TPREL was selected as the preferred bidder for the sale, and the acquisition is subject to certain conditions.

    The deal is expected to go through in a few months time, Tata Power said.
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