Torrent Power Completes Acquisition of Wind Power Company Surya Vidyut from CESC

Surya Vidyut was a wholly owned subsidiary of CESC, an enterprise of the RP-Sanjiv Goenka Group with a total capacity of 156 MW.

Torrent Power said on Friday that it has completed the acquisition of wind power company Surya Vidyut from CESC. Surya Vidyut was a wholly owned subsidiary of CESC, a company of the RP-Sanjiv Goenka Group, with a total capacity of 156 megawatts (MW).

“In addition to our prior communication dated September 21, 2021, we would like to inform you that the transactions for the sale and transfer of the entire shareholding in Surya Vidyut, pursuant to the execution of a share purchase agreement between CESC and its six subsidiaries with Torrent Power, has been completed today CESC said in a scholarship application.

“The company, pursuant to a share purchase agreement, between Torrent Power and CESC, Haldia Energy, together with nominal shareholders (the sellers) and Surya Vidyut (SPV), as previously indicated, has completed the acquisition of 100% share capital of Surya Vidyut, which operates 156 MW of wind power plants across the states of Gujarat, Rajasthan and Madhya Pradesh,” Torrent Power said in a separate grant application.

The long-term Power Purchase Agreements (PPAs) for the projects are with respective state discoms for a period of 25 years, with a weighted average PPA rate of Rs 4.68/kWh, Torrent said in a release. Torrent Power is the integrated power company of the diversified Torrent Group with a group turnover of Rs 20,500 crore and a market capitalization of Rs 71,000 crore. It is one of the largest companies in the energy sector in the country and is present throughout the power value chain of generation, transmission and distribution.

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