Torrent Power on Tuesday said it has entered into a share purchase agreement to buy the entire stake in 156 megawatt (MW) of wind power plants from CESC at an estimated enterprise value of Rs 790 crore.
The enterprise value, subject to closing price adjustments, comprises equity of Rs 295 crore, debt of Rs 475 crore and cash and cash equivalents of Rs 25 crore. The wind plants sell power to the discoms of Gujarat, Madhya Pradesh and Rajasthan at a weighted average tariff of Rs 4.68 per unit. More than 60% of the power purchase agreements of these plants are with the Gujarat discom, at an average tariff of Rs 4.09 per unit.
