Torrent Power acquires 50 MW solar power plant from SkyPower Group

Torrent Power Limited has entered into a share purchase agreement (SPA) with SkyPower Southeast Asia III Investments Limited and SkyPower Southeast Asia Holdings 2 Limited for the acquisition of 100 per cent securities of the special purpose vehicle (SPV), Sunshakti Solar Power Projects Private Limited.

The SPV operates 50 MW solar power project in the state of Telangana. Long-term power purchase agreement (PPA) for the project is with Northern Power Distribution Company of Telangana Limited (NPDCTL) for a period of 25 years at a fixed tariff of around Rs 5.35 per kWh, with remaining useful life of approximately 20 years. Enterprise value for this acquisition is around Rs 4.17 billion, subject to closing price adjustments, if any. 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.