Gujarat-based Torrent Power Ltd. has acquired a 50 megawatt solar power plant from SkyPower Group at an enterprise value of Rs 416 crore.
The solar power plant, a special purpose vehicle located in Telangana, has a long-term power purchase agreement with Northern Power Distribution Co. of Telangana Ltd. for 25 years at a fixed tariff of Rs 5.35 per kWh.
“Torrent Power completes acquisition of 50 MW solar power plant from SkyPower Group, pursuant to the Securities Purchase Agreement with SkyPower Southeast Asia III Investments Ltd and SkyPower Southeast Asia Holdings II Ltd and Sunshakti Solar Power Projects Pvt. Ltd.,” according to a statement on Monday.
The enterprise value for this acquisition is about Rs 416 crore, consequent to closing adjustments, it stated.
Torrent Power, at present, has an aggregate installed generation capacity of 4.1 GW, which consists largely of clean generation sources, such as gas (2.7 GW) and renewables (1 GW). It also has a capacity of 0.5 GW of renewable energy plants under development.
With the acquisition of a 50 MW solar power plant, Torrent Power’s total generation capacity, including under-development portfolio, will reach 4.7 GW with a renewable portfolio of more than 1.6 GW.