Torrent Power signs deal with Lightsource for the acquisition of 50 MW solar plant

Torrent Power has inked a deal with Lightsource India to acquire a 50 MW solar plant at an estimated value of around INR 317 crore.

Torrent Power has inked a deal with Lightsource India Limited and light source renewable energy India Limited to acquire a 50 MW solar plant. The deal is estimated to be valued at around INR 317 crore.

The BSE filing further stated that under the Securities Purchase Agreement signed by Torrent Power Limited with Lightsource India Ltd and Lightsource Renewable Energy (India) Ltd; Torrent Power is to acquire all the shares and securities of LREHL – Renewables India SPV 1 Private Limited.

A 50 MW solar plant, commissioned in Maharashtra in April 2018, is operated by the SPV (special purpose vehicle). A long-term power purchase agreement with Solar Energy Corporation of India Ltd is in place, covering full capacity for 25 years.

This acquisition is estimated to have an enterprise value of about Rs 317 crore, including the viability gap funding (VGF) receivable. As part of the BSE filing, the acquisition will be subject to customary conditions for closing.

Torrent Power, headquartered in Ahmedabad, Gujarat, is a Rs 12,173-crore integrated power utility arm of the Rs 20,000-crore Torrent Group and one of India’s top players in the power sector, covering all aspects of the value chain – power generation, transmission and distribution.

Torrent Power currently has a total installed capacity of 3,879 MW; 2,730 MW of this is gas-fired capacity, 787 MW is renewables, and 362 MW is coal-fired.

Connect with Power Insight: Facebook, LinkedIn, Twitter