Torrent Power has inked a share purchase agreement with Blue Diamond Properties Pvt Ltd and Balrampur Chini Mills to acquire 100 per cent stake in a 25 MW solar power plant at an enterprise value of Rs 163 crore.
The company will acquire 100 per cent stake of Visual Percept Solar Projects Pvt Ltd, a special purpose vehicle (SPV).
While Blue Diamond Properties holds 55 per cent stake in Visual Percept, Balrampur Chini Mills holds 45 per cent, Torrent Power said in a statement.
According to the statement, the SPV operates 25 MW solar power plant in Gujarat.
Long-term Power Purchase Agreement (PPA) for the project is with Gujarat Urja Vikas Nigam Ltd (GUVNL) for a period of 25 years.
Enterprise value estimated for this acquisition is Rs 163 crore, subject to closing price adjustments, if any. The acquisition is further subject to customary conditions for transaction closure, it stated.
Torrent Power, the integrated power utility of the diversified Torrent Group with group revenues of Rs 20,500 crore, is one of the largest companies in the country’s power sector with presence across the entire power value chain of generation, transmission and distribution.
Torrent Power has an aggregate installed generation capacity of about 3.9 GW, which largely consists of clean generation sources such as gas (2.7 GW) and renewables (0.8 GW).
It also has a capacity of 0.7 GW of renewable energy plants under advanced stage of acquisition or under development.
Source : PTI
