Kolkata: Tata Power Renewable Energy Limited (TPREL), an arm of Tata Power, has inked a share purchase agreement with Indo Rama Renewables Limited (IRRL) to acquire 30 MW wind farm, the company announced on Wednesday.
Indo Rama Renewables Jath Limited (IRRJL), a 100 percent subsidiary of IRRL, has a 30 MW wind farm in Sangli district of Maharashtra. The transaction is expected to be consummated within the next few weeks, TPREL said in a statement here.
Anil Sardana, chief executive officer and managing director of Tata Power, said: "Our company endeavours to generate 20-25 percent of total generation capacity from clean energy sources. The acquisition of 30 MW operational wind farm will enhance and increase the company's clean energy footprint."
"This is our third acquisition of an operating wind asset and we are in constant look out for similar opportunities in respect of wind and solar plants. This is yet another step towards commitment to sustainability," Sardana said.
Vishal Lohia, executive director, Indo Rama Synthetics India Limited (IRSL), said: "Divestment from this wind asset shall enable us to have a more focused and effective approach towards managing our core business of polyester."
The wind farm, operational since July 2013, has a long-term power purchase agreement with Maharashtra State Electricity Distribution Limited. The farm is also listed under the generation based incentive scheme of union Ministry of New and Renewable Energy, the statement said.
With this acquisition, total generation capacity of the company will increase to 9,130 MW. Its operational wind power generation capacity also touches to 570 MW with wind turbines located in Maharashtra, Rajasthan, Gujarat, Tamil Nadu and Karnataka.
TPREL has 250 MW of wind projects under construction across Gujarat, Madhya Pradesh and Andhra Pradesh.