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.
