Torrent Power completes acquisition of 25MW solar plant for INR 163 crore
Blue Diamond Properties had a 55 percent stake in Visual Percept Solar Projects (SPV), while Balrampur Chini Mills held a 45 percent stake.
Torrent Power, the integrated power utility of the diversified Torrent Group, announced on Tuesday that it has completed the acquisition of a 25 MW solar power plant in Gujarat for about INR 163 crore.
The company has acquired the entire stake in Visual Percept Solar Projects Pvt Ltd, a special purpose vehicle (SPV).
The SPV operates 25 MW solar power plant in Gujarat. The project has a 25-year long-term power purchase agreement (PPA) with Gujarat Urja Vikas Nigam Ltd.
Torrent Power has completed the transaction of acquiring 100 percent of Visual Percept Solar Projects equity share capital, it said in a BSE filing.
According to a company filing dated February 10, the enterprise value for this acquisition is estimated at Rs 163 crore, subject to closing price adjustments, if any.
The share purchase agreement was held between Torrent Power, Blue Diamond Properties, Balrampur Chini Mills Ltd and Visual Percept Solar Projects.
Blue Diamond Properties owned 55 percent of Visual Percept, while Balrampur Chini Mills owned 45 percent.
Torrent Group dominates the country’s power sector with operations across the entire value chain of generation, transmission, and distribution.
A total of 3.9 GW of Torrent Power’s installed generation capacity comes from clean generation sources such as gas (2.7 GW) and renewables (0.8 GW).
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