Torrent Power has entered into a securities purchase agreement with Lightsource India and Lightsource Renewable Energy India for the acquisition of share capital and all securities of LREHL Renewables India SPV 1 (SPV).
The SPV operates a 50 MW solar power plant in Maharashtra. It has a Power Purchase Agreement with Solar Energy Corporation of India for 25 years. Enterprise value estimated for this acquisition is around Rs 317 crore including the VGF receivable.
Torrent Power currently has an aggregate installed generation capacity of 3879 MW comprising of 2730 MW gas-based capacity, 787 MW renewable capacity and 362 MW coal-based capacity.
Renewable power projects of 815 MW are under development. With the acquisition of 50 MW Solar Power Plant, Torrent’s total generation capacity, including under construction portfolio, will exceed 4.7 GW with renewable portfolio of more than 1.6 GW.