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<p>Tata Power has announced that its wholly-owned subsidiary Khopoli has completed the sale of the company’s entire stake in Cennergi Private Limited to Exxaro Resources Limited for ZAR 1,550 million (~$84.25 million) and normal working capital and other adjustments.</p>
<p>Cennergi Private Limited was a 50:50 joint venture between Exxaro, a coal producer in South Africa, and Khopoli, a 100% subsidiary of Tata Power. As per the deal, Exxaro has acquired the 50% shareholding of Khopoli and will now have full ownership of Cennergi.</p>
<p>Cennergi has two wind farms in South Africa, namely, Amakhala Emoyeni (14.4 MW with 95% shareholding) and Tsitsikamma Community Wind Farm (95.3 MW with 75% shareholding). Both projects have a power purchase agreement with the state power company Eskom for 20 years.</p>
<p>Commenting on the sale, Praveer Sinha, CEO and Managing Director, Tata Power, said, “The proceeds from such sale would be re-invested in emerging areas where there is a huge growth opportunity. The company will focus on renewable power, power distribution, and service-led businesses in India, which will bring in greater value and help us align with the emerging consumer needs.”</p>
<p>Tata Power is one of the country’s largest integrated power companies and, together with its subsidiaries, has a total installed capacity of 10,763 MW, according to its portfolio.</p>
<p>Earlier, Tata Power had <a href="https://mercomindia.com/tata-power-q3-fy20-net-profit/" target="_blank" rel="noopener noreferrer">announced</a> its earnings for the third quarter of the financial year 2020 (Q3 FY20), posting a net profit of ₹2.46 billion (~$34.5 million) during the quarter, up nearly 12% from the same period last year.</p>
<p>According to data released by the Global Wind Energy Council (<a href="https://gwec.net/" target="_blank" rel="noopener noreferrer">GWEC</a>), Africa and the Middle East added 894 MW of wind power capacity in 2019, down by 7% from the previous year. The report states that total wind capacity installations in both the regions stood at a cumulative 6 GW and that the capacity is expected to surge by about 10.7 GW in the next five years, driven by installations in South Africa, Egypt, Morocco, and Saudi Arabia.</p>
<p>The council predicted that South Africa would be a leader in the region with another 3.3 GW installed by 2024, thanks to projects under construction and a steady project pipeline of 14.4 GW expected to be installed between 2022-2030.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener">More articles from Rakesh Ranjan.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a></p>
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