Torrent Power has entered into a securities purchase agreement with Lightsource India and Lightsource Renewable Energy India for the acquisition of share capital and all the securities of LREHL Renewables India SPV 1 (SPV).
The SPV operates a 50 MW solar power plant in Maharashtra. Has a power purchase agreement with Solar Energy Corporation of India for 25 years. The estimated business value for this acquisition is around Rs 317 crore, including the account receivable from VGF.
Torrent Power currently has an aggregate installed generation capacity of 3,879 MW comprising 2,730 MW of gas-based capacity, 787 MW of renewable capacity and 362 MW of coal-based capacity.
Renewable energy projects of 815 MW are under development. 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.
