Torrent Power has entered into a Share Purchase Agreement (SPA) with SkyPower Southeast Asia III Investments and SkyPower Southeast Asia Holdings 2 (the Sellers) for the acquisition of 100% securities of Sunshakti Solar Power Projects (the SPV).
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 (NPDCTL) for a period of 25 years at a fixed tariff of approximately Rs 5.35 per kWh, with remaining useful life of approximately 20 years. Enterprise Value for this acquisition is approximately Rs 417 crore, subject to Closing Price Adjustments, if any.
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.
