Torrent Power said it has inked an agreement with Lightsource India Ltd and Lightsource Renewable Energy (India) Ltd for acquisition of a 50 MW solar plant. The enterprise value for the deal is around Rs 317 crore.
“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 per cent of the share capital and all securities of LREHL Renewables India SPV 1 Private Limited (SPV),” a BSE filing said.
The SPV (special purpose vehicle) operates a 50 MW solar power plant, commissioned in April 2018, situated in Maharashtra.
It has a long-term power purchase agreement with Solar Energy Corporation of India Ltd for full capacity for a period of 25 years.
Enterprise value estimated for this acquisition is around Rs 317 crore, including the viability gap funding (VGF) receivable. The acquisition is subject to customary conditions for transaction closure, it added.
Torrent Power, a Rs 12,173-crore integrated power utility of the Rs 20,000-crore Torrent Group, is one of the largest companies in the domestic power sector with presence across the entire power value chain of generation, transmission and distribution.
Torrent Power currently has an aggregate installed generation capacity of 3,879 MW comprising 2,730 MW gas-based capacity, 787 MW renewable and 362 MW coal-based capacity.