Torrent Power has, pursuant to Securities Purchase Agreement with Lightsource India and Lightsource Renewable Energy (India), completed transaction of acquisition of 100% of the share capital and all securities of LREHL Renewables India SPV 1 (SPV). The SPV operates 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 at a tariff of Rs 4.43/ kWh. Enterprise value for this acquisition is around Rs 300 crore including the VGF receivable, consequent to closing adjustments.
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.
