Torrent Power announced on Friday the completion of the acquisition of a 50 MW solar power plant from Light source bp and UKCI for an enterprise value of Rs 300 crore.
''Torrent Power Limited has, according to Securities Purchase Agreement with Light source India Ltd and Light source Renewable Energy (India) Ltd, completed the transaction to acquire 100 per cent of the share capital and all securities of LREHL Renewables India SPV 1 Private Ltd (SPV)," a company statement said.
The SPV (Special Purpose Vehicle) operates a 50 MW solar power plant, commissioned in April 2018, located in Maharashtra.
has a long run Power Purchase Agreement with Solar Energy Corporation of India Limited for full capacity for 25 years at a rate of Rs 4.43/kWh.
According to the statement, the value of the business for this acquisition is around Rs 300 crore, including VGF (viability gap financing) receivable, as a result of closing adjustments.
Torrent Power is a leading company in the energy sector and has a presence throughout the value chain of energy generation, transmission and distribution.
Torrent Power currently has an aggregate installed generation capacity of 4.1 GW, consisting largely of clean generation sources such as gas (2.7 GW) and renewables (1.0 GW).
It also has a capacity of 0.4 GW of renewable energy plants under development.
With the purchase of 50 megawatt solar power plant, Torrent Power's the total generation capacity, including the portfolio under development, will reach 4.6 GW with a renewable portfolio of more than 1.5 GW.
Lightsource bp (LBP) is a strategic global partnership between Light source Renewable Energies and British Petroleum. UK Climate Investments LLP (UKCI) is a joint venture between the Green investment group and the UK government Business DepartmentEnergy and Industrial Strategy.
Lightsource India Limited is the foreign holding company, jointly owned by LSbp and UKCIwhere LSbp has a 51 percent stake and UKCI has a 49 percent stake.
Lightsource Renewable Energy (India) Limited is a 100 per cent subsidiary of LsBP.
(This story has not been edited by Devdiscourse staff and is automatically generated from a syndicated feed.)
