Home > Home Page > Tata Power acquires entire stake in AES Saurashtra Windfarms

Mumbai: Tata Power Renewable Energy Ltd (TPREL), a fully owned subsidiary of Tata Power Co. Ltd, has acquired the entire stake in AES Saurashtra Windfarms Pvt. Ltd, which operates a 39.2MW wind power project in Gujarat’s Jamnagar district, for an undisclosed amount.

TPREL’s total power generation capacity now stands at 437MW, Tata Power said in a statement on Tuesday.

AES Saurashtra is a subsidiary of US-based AES Corp., which operates a 420MW coal-fired power project in Odisha in a joint venture with Orissa Power Generation Corp. (OPGC).

However, in November 2011, the company decided to exit all power projects that it was pursuing in India. This included a 2,640MW expansion project in a joint venture with OPGC and a 1,200MW project in Chhattisgarh.

AES had been operating the Gujarat wind power project since January 2012.

It has signed a power purchase agreement with the Gujarat government-owned power distribution utility Gujrat Urja Vikas Nigam Ltd at 3.56 a unit for the next 20-25 years, or the life of the plant, whichever is shorter.

The project is also entitled for carbon credits under the United Nations Framework Convention on Climate Change.

Tata Power shares were up 2.87% at 84.10 a unit on BSE at 3.42pm, outpacing the Sensex’s 0.44% rise to 19,983.61 points.

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