Torrent Power is planning to pay Rs 790 crore ($104.2 million) to acquire Surya Vidyut and its 156 megawatts of wind power projects, operating through several Indian states, according to the Economic Times.
With the acquisition, Torrent will make its renewable-energy foray into the states of Rajasthan and Madhya Pradesh. Projects are also located in the state of Gujarat.
The projects have long-term power purchase agreements (PPAs) with state distribution companies for a period of 25 years.
Torrent Power has an installed generation capacity of 3,879 megawatts, consisting of 2,730 megawatts of gas-based capacity, 787 megawatts of renewable capacity and 362 megawatts of coal-based capacity. An additional 815 megawatts of renewable power projects are also under development.
The acquisition brings Torrent Power’s total generation capacity to 4.9 gigawatts, with a renewable portfolio of more than 1.8 gigawatts.
