Tata Power Renewable Energy Limited (TPREL), a 100% subsidiary of Tata Power has signed a Share Purchase Agreement (SPA) for acquisition of 100% shareholding in AES Saurashtra Windfarms Pvt Ltd (ASW), a 100% subsidiary of AES Corporation.
ASW owns and operates a 39.2MW wind farm near Dwarka in Jamnagar district of Gujarat. The project which is fully operational since January 2012 has executed a power purchase agreement with GUVNL for sale of the electricity at a tariff of Rs 3.56/kWh for the duration of the project. TPREL was selected as the preferred bidder in a process conducted by AES Corporation for sale of its 100% stake in ASW. The acquisition is subject to certain conditions, which are expected to be addressed in a few months time.
