Torrent Power has entered into a Securities Purchase Agreement with Lightsource India and Lightsource Renewable Energy (India) for the acquisition of 100% of the share capital and all securities of LREHL Renewables India SPV 1 (SPV). The SPV operates a 50 MW solar power plant, commissioned in April 2018, situated in the state of Maharashtra. It has a long-term Power Purchase Agreement with Solar Energy Corporation of India for full capacity for a period of 25 years.
Enterprise value estimated for this acquisition is around Rs 317 crore including the VGF receivable. The acquisition is subject to customary conditions for transaction closure. 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.
Lightsourcebp (LSbp) is a strategic global partnership between Lightsource Renewable Energy and British Petroleum. UK Climate Investments LLP (UKCI) is a joint venture between the Green Investment Group and the UK Government's Department for Business, Energy and Industrial Strategy. Lightsource India is the overseas holding company, held jointly by LSbp (51%) and UKCI (49%). Lightsource Renewable Energy (India) is a 100% subsidiary of LsBP. Greenstone Advisors LLP acted as exclusive Financial Advisors to Lightsource India for this transaction.
Torrent Power is an integrated utility engaged in the business of power generation, transmission and distribution with operations in the states of Gujarat, Maharashtra and Uttar Pradesh.
Company Name | CMP |
---|---|
NTPC | 350.90 |
Tata Power | 428.00 |
Power Grid Corp | 281.70 |
Adani Power | 594.50 |
Torrent Power | 1500.20 |
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