Tata Power Acquires AES Saurashtra's Windfarm in Gujarat

Researched by Industrial Info Resources India (Delhi, India)--Tata Power Renewable Energy Limited (TPREL), a wholly-owned subsidiary of Tata Power Company Limited (TPCL) (BSE: 500400) (Mumbai), has completed its acquisition of Saurashtra Windfarms Private Limited (ASW) from AES Corporation (NYSE:AES) (Arlington, Virginia).

ASW owns and operates a 39.2-megawatt (MW) windfarm near Dwarka in the Jamnagar District of Gujarat state. Spread over an area of 21 hectares, the windfarm was commissioned in various stages between June 2011 and January 2012. The windfarm sells power to Gujarat Urja Vikas Nigam Limited (GUVNL) under a long-term power purchase agreement).

With this acquisition, Tata Power's total generation capacity has increased to 8,560 MW and its operational wind power generation capacity to 437 MW. The company has wind-based power plants in five states, including Maharashtra, Rajasthan, Gujarat, Tamil Nadu and Karnataka.

The windfarm is registered with the United Nations Framework Convention on Climate Change (UNFCCC) as a clean development mechanism (CDM) project and is eligible to receive certified emission reductions (CERs). The project is also registered under the Generation Based Incentive (GBI) scheme of the government of India.

According to Tata Power, the company was selected as the preferred bidder in a process conducted by AES Corporation for the sale of its 100% stake in ASW in September 2013, and the on October 7, 2013. The acquisition was subject to certain conditions, which have now been completed.

Tata Power currently has four of its renewable projects registered under the CDM program of the UNFCCC. Tata Power aims to generate 20-25 % of its total generation capacity from clean energy source.

Tata Power is part of India's multinational conglomerate Tata Group. Established as Tata Hydroelectric Power Supply Company in 1911, Tata Power is now India's largest private power company with presence in all segments of the power sector, including generation (thermal, hydro, solar and wind), transmission, distribution and trading. Tata Power also has operations in Singapore, Indonesia, South Africa and Bhutan.

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