Torrent Power Limited has signed a deal with Lightsource India Limited and Lightsource Renewable Energy (India) Limited for acquiring 100% of the share capital and all securities of LREHL Renewables India SPV 1 Private Limited (SPV) at an enterprise value of ₹317 crore including the viability gap funding (VGF) receivable.
The SPV runs a 50 MW solar power plant in Maharashtra which started operations in April 2018. The SPV has a long-term Power Purchase Agreement with Solar Energy Corporation of India Limited for full capacity for 25 years.
The acquisition is subject to customary conditions for transaction closure, Torrent Power said in a statement on Saturday.
Torrent Power, the power utility business of the Torrent Group, currently has an aggregate installed generation capacity of about 3,879 MW comprising 2,730 MW gas‐based capacity, 787 MW renewable capacity and 362 MW coal‐based capacity.
Further, renewable power projects of 815 MW are under development. With the acquisition of 50 MW Solar Power Plant, Torrent’s total generation capacity, including under construction portfolio, will exceed 4.7 GW with renewable portfolio of more than 1.6 GW.