The photovoltaic plant is located in the Solapur district of Maharashtra. You benefit from a 25-year power purchase agreement with Solar Energy Corporation of India Limited at a fixed rate of INR4.43 per unit.
Torrent Power Limited, an integrated private sector power company in India, has acquired 50 MW solar assets owned by British developer Lightsource BP in the Indian state of Maharashtra. The business value of this acquisition is around INR 317 crore.
The photovoltaic plant, located in the Wagdari village of Solapur district, is owned and operated by Lightsource BP's renewable energy arm, Lightsource Renewable Energy (India) in financial partnership with the government-funded green investment platform of the United Kingdom UKCI Indigo through special purpose vehicle LREHL Renewables India.
The plant was commissioned in April 2018. Construction, PV modules, and technical expertise for the project were provided by Sterling & Wilson and LONGi Solar. The plant benefits from a 25-year power purchase agreement with Solar Energy Corporation of India Limited at a fixed rate of INR4.43 per unit.
"Torrent Power has entered into a securities purchase agreement with Lightsource India Limited and Lightsource Renewable Energy (India) Limited for the acquisition of 100% of the capital stock and all the securities of LREHL Renewables India SPV 1 Private Limited (SPV)," it read a press release from Torrent Power.
Torrent Power, an INR 12,173 crore integrated energy company of the INR 20,000 crore Torrent Group, is one of the largest companies in the country's electricity sector with a presence throughout the energy generation, transmission and distribution value chain. It currently has an aggregate installed generation capacity of 3,879 MW comprising 2,730 MW of gas-fired capacity, 787 MW of renewable capacity and 362 MW of coal-fired capacity. In addition, 815 MW renewable energy projects are being developed.
With the acquisition of the 50 MW solar power plant, Torrent's total generation capacity, including the portfolio under construction, will exceed 4.7 GW with a renewable portfolio of more than 1.6 GW.
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