Aug 2 (Renewables Now): India's Torrent Power Ltd signed an agreement to purchase the special purpose vehicle (SPV) that owns a 50MW solar power plant in the state of Maharashtra, it announced on Friday.
Torrent Power agreed to pay INR 3.17 billion (USD 43 million / EUR 36 million) to cover the business value of the target, including the account receivable from VGF. The solar park being acquired has a 25-year Power Purchase Agreement (PPA) with Solar Energy Corporation of India Ltd.
The company will acquire said SPV from Lightsource India Ltd and Lightsource Renewable Energy (India) Ltd. Lightsource India is a joint venture between Lightsource BP and UK Climate Investments LLP (UKCI). The latter, in turn, is co-owner of the Green Investment Group and the UK Government's Department for Business, Energy and Industrial Strategy (BEIS).
With this acquisition, the utility will increase its total generation capacity, including projects under construction, to more than 4.7 GW. Of that, renewable energy represents more than 1.6 GW.
(10 INR = 0.134 USD / 0.113 EUR)
