Pune-based Simran Wind Project Pvt Ltd, a wind energy arm of engineering, procurement and construction services Techno Electric and Engineering Company Ltd, has sold 44.45 megawatt wind power assets in Tamil Nadu for Rs 215 crore (approximately $34 million), according to stock market disclosure.
The company, however, did not disclose name(s) of the buyer(s).
Kolkata-based Techno Electric, along with its subsidiary Simran Wind Project, will have a portfolio of 162.9 MW of wind power asset, post this transaction. Simran Wind Project continues to hold 117.9 MW of wind power assets.
Techno Electric owns a 96.62 per cent stake in Simran Wind Project.
Simran Wind Project was founded in 2005 and owns and operates power plants in Tamil Nadu and Karnataka.
Techno Electric had acquired Simran Wind Project in 2009 for about $30 million then from Suzlon Energy's promoters. At the time of acquisition, Simran Wind Project was listed in Suzlon Energy's annual report as a promoter group entity.
In July 2011, Simran Wind Project had raised $5 million from International Finance Corp (IFC), the private sector lending arm of the World Bank, for a 3.38 per cent stake to fund its power projects. IFC acquired 5,625,000 equity shares at a price of Rs 40 each in the transaction, as per data collated by VCCEdge, a data research platform of VCCircle.
Techno Electric provides engineering, procurement and construction services to three segments of power sector—generation, transmission and distribution.
On Thursday, shares of Techno Electric closed the day at Rs 402.00 a share, up 2.97 per cent on BSE in weak Mumbai market.