Tata Power said its renewable energy arm had agreed to buy a 30 MW wind farm in Sangli, Maharashtra, its third acquisition as a part of its plan to increase its renewable energy capacity.
As per the deal, Tata Power Renewable Energy Ltd will buy 100 per cent stake in Indo Rama Renewables Jath Limited (which owns the wind farm) from Indo Rama Renewables Ltd.
The wind farm, which has been operational since July 2013, has executed a long-term power purchase agreement with Maharashtra State Electricity Distribution Limited. It is registered under the generation-based incentive scheme of the Ministry of New & Renewable Energy, a company statement said.
With this acquisition, Tata Power’s total generation capacity will increase to 9,130 MW and its operational wind power generation capacity to 570 MW, with wind turbines across five states: Maharashtra, Rajasthan, Gujarat, Tamil Nadu and Karnataka. The renewable energy arm also has 250 MW of wind projects under construction across Gujarat, MP and AP.
“Tata Power endeavours to generate 20-25 per cent of its total generation capacity from clean energy sources and is proud to have completed this acquisition of the 30 MW operational wind farm,” Anil Sardana, CEO and managing director, Tata Power, said, adding “This is our third acquisition of an operating wind asset and we are constantly on the lookout for similar opportunities in respect of wind and solar plants.”
“Divestment from this wind asset will enable us to have a more focused and effective approach towards managing our core business of polyester,” Vishal Lohia, executive director, Indo Rama Synthetics (India) Ltd, said in a statement.
