Torrent Power has entered into a Share Purchase Agreement (SPA) with Blue Daimond Properties and Balrampur Chini Mills (the Sellers) for the acquisition of 100% Equity Share Capital of Visual Percept Solar Projects (the SPV).
The SPV operates 25 MW Solar power in the state of Gujarat. Long-term Power Purchase Agreement (PPA) for the Project is with Gujarat Urja Vikas Nigam (GUVNL) for a period of 25 years. Enterprise Value estimated for this acquisition is Rs 163 crore, subject to Closing Price Adjustments, if any. The acquisition is further subject to customary conditions for transaction closure.
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.
