Torrent Power Limited has completed the acquisition of 50 MW solar power plant from Lightsource bp and UKCI for an enterprise value of Rs 3 billion..
The company has completed transaction of acquisition of 100 per cent of the share capital and all securities of LREHL Renewables India SPV 1 Private Limited (SPV). The special purpose vehicle (SPV) operates a 50 MW solar power plant, commissioned in April 2018, located in Maharashtra. It has a long-term power purchase agreement with Solar Energy Corporation of India Limited for full capacity for a period of 25 years at a tariff of Rs 4.43 per kWh. With this acquisition, Torrent Power’s total generation capacity, including under development portfolio, will reach to ~4.6 GW with renewable portfolio of more than ~1.5 GW.