"Torrent Power Limited 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 Private Limited (SPV)", said a presentation from the BSE.
The SPV (special purpose vehicle) operates a 50 MW solar power plant, commissioned in April 2018, located in Maharashtra.
You have a long-term power purchase agreement with Solar Power Corporation of India Ltd at full capacity for a period of 25 years.
The estimated business value for this acquisition is around Rs 317 crore, including viability gap financing (VGF) receivable. The acquisition is subject to customary conditions for closing the transaction, he added.
Torrent Power, a Rs 12,173-crore integrated power company of the Rs 20,000-crore Torrent Group, is one of the largest companies in the national electricity sector with a presence throughout the power generation, transmission and distribution value chain.
Torrent Power currently has an aggregate installed generation capacity of 3,879 MW comprising 2,730 MW of gas-fired capacity, 787 MW of renewables 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.
Lightsourcebp (LSbp) is a strategic global partnership between Lightsource Renewable Energy and British Petroleum.
Lightsource India Ltd is the overseas holding company, jointly owned by LSbp (51%) and UKCI (49%). Lightsource Renewable Energy (India) Ltd is a 100% subsidiary of LSbp.
UK Climate Investments LLP (UKCI) is a joint venture between Green Investment Group and the UK Government's Department for Business, Energy and Industrial Strategy.
Greenstone Advisors LLP acted as the exclusive financial adviser to Lightsource India Ltd for this transaction.
