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HomeBusinessTorrent Power buys 50 MW solar power plant from SkyPower Group. Details...

Torrent Power buys 50 MW solar power plant from SkyPower Group. Details here

Torrent Power on Saturday entered into a Share Purchase Agreement (SPA) with SkyPower Southeast Asia III Investments and SkyPower Southeast Asia Holdings 2 (the Sellers) for the acquisition of 100% securities of Sunshakti Solar Power Projects (the SPV).

The enterprise value for the acquisition is 417 crore subject to the closing price adjustments if any.

Currently, the SPV operates a 50 MW Solar Power Project in the state of Telangana.

Torrent Power enters into a long-term power purchase agreement for the solar power project with Northern Power Distribution Company of Telangana Limited (NPDCTL) for 25 years at a fixed tariff of approximately 5.35 per kWh, with remaining useful life of about 20 years.

Torrent Group-backed integrated power utility, Torrent Power is one of the largest companies in the Country’s power sector with a presence across the entire power value chain of generation, transmission, and distribution.

By adding a 50 MW Solar Power Plant, Torrent Power’s total generation capacity, including its underdevelopment portfolio, will reach ~4.6 GW with a renewable portfolio of more than 1.5 GW.

At present, Torrent Power 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 (1.0. GW). It also has a capacity of 0.4 GW of renewable energy plants under development.

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