Torrent Power firming up electricity play

This comes in the context of Torrent Power making the highest bid for the Union Territories power breaks for Dadra and Nagar Haveli, and Daman and Diu. In addition, it is among the companies that have bid to acquire the Chandigarh disk.

"Torrent Power Ltd has entered into a securities purchase agreement with Lightsource India Ltd and Lightsource Renewable Energy (India) Ltd for the acquisition of 100% of the capital stock and all the securities of LREHL Renewables India SPV 1 Pvt. Ltd (SPV)" Torrent Power said in a statement on July 30.

“The SPV operates a 50MW solar power plant, commissioned in April 2018, located in Maharashtra. It has a long-term power purchase agreement with Solar Energy Corporation of India Ltd at full capacity for a period of 25 years. The estimated business value for this acquisition is around ₹Rs 317 million including the VGF receivable, "the statement added.

Torrent Power has an installed power generation capacity of 3.87 gigawatts (GW) and is one of the largest integrated power companies in India with a presence in the generation, transmission and distribution space. It supplies electricity to 3.65 million customers in Ahmedabad, Gandhinagar, Surat, Dahej Special Economic Zone, Dholera Special Investment Region, Bhiwandi, Shil, Mumbra, Kalwa and Agra.

The growing private sector interest in India's electricity distribution space comes in the context of the Electricity (Amendment) Bill of 2021, with proposed amendments, such as measures to "de-license" the electricity distribution business. energy and make the sector more competitive. The Union cabinet may consider the bill shortly and publish cabinet approval; The bill is expected to be tabled at the current monsoon session of Parliament.