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Tata Power Co completes sale of 50 percent stake in Cennergi

Friday, 03 Apr 2020

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Tata Power Company has completed the sale of its 50 percent stake in Cennergi, a South African joint venture (JV) with Exxaro Resources, to the latter South for ZAR 1,550 million (Rs 660 crore).

The Tata Group’s power utility has announced in September 2019 that it will exit its investment in Cennergi by selling its stake to the joint venture partner. The sale is a part of the company’s plan to reduce the leverage on its balance sheet by divesting non-core and sub-optimal size international assets.

The company will focus on renewable power, power distribution and service-led businesses in India which will bring in greater value and help the company align with the emerging consumer needs. Cennergi owns two wind farms -- Amakhala Emoyeni (134.4 MW with 95 percent shareholding) and Tsitsikamma Community Wind Farm (95.3 MW with 75 percent shareholding) -- in South Africa.

Both projects have 20 year power purchase agreement (PPA) with the state power utility Eskom. Tata Power and its subsidiaries and jointly controlled entities, have an installed capacity of 10,763 MW. Of this, solar and wind energy account for 30 percent of the portfolio.

The company, through its subsidiary, Khopoli Investments, formed a JV with Exxaro in 2013, with an aim to develop power projects in South Africa, Botswana and Namibia.