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Tata Power enters into SPA for acquisition of 50% stake in ITPC

26 Mar 2015 Evaluate

Tata Power, India’s largest integrated power company has entered into a Share Purchase Agreement (SPA) with Tata Africa Holdings (SA) for formalizing the acquisition of their 50% shareholding in Itezhi Tezhi Power Corporation (ITPC). The closing will be subject various approvals and consents as required under applicable law.

ITPC, a 50-50 joint venture with the Zambian parastatal utility ZESCO (ZESCO), is a special purpose vehicle which has been setup to build and operate a 120 MW hydro power plant in Itezhi Tezhi district in Zambia. ITPC has a 25 year Power Purchase Agreement with ZESCO and is expected to commission the power plant by Q4 2015.

Tata Power is India’s largest integrated power company with a growing international presence. The Company together with its subsidiaries and jointly controlled entities has an installed gross generation capacity of 8,747 MW in India.


Peers
Company Name CMP
NTPC 309.30
Tata Power 335.50
Adani Power 188.00
Power Grid Corpn. 245.40
Adani Energy Solut. 1252.95
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