Tata Power Renewable Energy has confirmed a deal to purchase a 30MW wind farm in the Sangli district of Maharashtra in India.
The wind farm, which has been fully operational since July 2013, has a long-term power purchase agreement with Maharashtra State Electricity Distribution and is registered under the generation based incentive scheme of the Ministry of New & Renewable Energy.
The deal will see Tata acquire project company Indo Rama Renewables Jath which is a subsidiary of Indo Rama Renewables.
Tata Power’s operational wind power generation capacity is now 570MW across five states in the country – Maharashtra, Rajasthan, Gujarat, Tamil Nadu and Karnataka. It also has a further 250MW of wind projects under construction.
Tata Power chief executive Anil Sardana said: “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.”
Indo Rama Renewables executive director Vishal Lohia said: “Divestment from this wind asset shall enable us to have a more focused and effective approach towards managing our core business of polyester.”
Hemant Sahai Associates and Deloitte Touche Tohmatsu India acted as the legal and financial and accounting advisors respectively to Tata Power Renewable Energy.
Yes Securities (India) and Shardul Amarchand Mangaldas & Co were the respective financial and legal advisors of IRRL for this transaction.
Image: Tata now has 570MW of wind capacity in India (Tata)
