Torrent Power Acquires 50 MW Wind Project from Inox Green
Wind Two Renergy has a 50 MW wind power project in the Kutch district of Gujarat
The estimated acquisition cost is ₹325.1 million (~$4.09 million), representing 100% of the paid-up capital of Wind Two Renergy, Torrent said in a BSE filing.
The company has acquired 32.51 million equity shares of Wind Two Renergy. The acquisition will support the company’s focus on sustainable growth through renewable energy.
Wind Two Renergy has executed a 50 MW wind power project at Dayapar village in the Kutch district of Gujarat. The project comprises 25 wind turbine generators of lnox DF/2000/113 with an individual capacity of 2 MW each. The electricity generated from the project is being supplied under a 25 years power purchase agreement (PPA) with PTC India.
Wind Two Renergy was incorporated on April 20, 2017, with the objective of electricity generation from renewable energy. The company’s turnover in FY 2021-22 was ₹350.1 million (~$4.41 million).
In July, Torrent Power received the letter of award (LoA) from the Solar Energy Corporation of India for the long-term PPA for a 300 MW wind power project in Karnataka. The was issued in response to a bid invited by SECI for 1,200 MW inter-state transmission connected wind power projects (Tranche -XII). The company won the capacity by quoting ₹2.94 (~$0.0379)/kWh.
In April this year, Torrent Power signed a share purchase agreement to acquire a 100% stake in the special purpose vehicle (SPV) operating a 50 MW solar project in Telangana. The agreement was signed with SkyPower Southeast Asia III investments and SkyPower Southeast Asia Holdings 2, which owned the SPV – Sunshakti Solar Power Projects. The estimated acquisition cost was ₹4.17 billion (~$54.41 million).
Torrent also entered into a share purchase agreement with Blue Daimond Properties and Balrampur Chini Mills to acquire 100% equity share capital of Visual Percept Solar Projects, a special purpose vehicle (SPV). The acquisition value was estimated at ₹1.63 billion (~$21.71 million).