April 29 (Renewables Now) - The renewable energy unit of Indian utility Tata Power Co Ltd (BOM:500400) has agreed to sell its 32 MW of operating wind assets in the state of Maharashtra, the parent company said last week.
Tata Power Renewable Energy Ltd (TPREL) and the unnamed buyer are currently executing conditions precedent defined under the binding agreement. The ownership and liabilities of the specific assets will be changed after those conditions are completed, Tata Power said without providing financial details on the transaction.
The sale is in line with the utility’s plans to restructure its portfolio and limit capacity additions in a few locations while venturing out of small and isolated sites in order to cut operating costs. “We will grow capacity both by organic and inorganic route,” said Praveer Sinha, Tata Power’s CEO and managing director.
The 32 MW of wind farms, located in Satara District, are operating under a long-term power purchase agreement (PPA) with Tata Power Company – Distribution (TPC-D).