Torrent Power inked an agreement with Lightsource India Ltd and Lightsource Renewable Energy (India) Ltd for acquisition of a 50 MW solar plant for value of ₹317 crore including the viability gap funding (VGF) receivable.
Torrent Power has presence in power generation, transmission, distribution and manufacturing and supply of power cables. Its highly efficient generation assets and equally reliable distribution network are amongst the best in the country. Torrent Power currently has an aggregate installed generation capacity of 3,879 MW comprising 2,730 MW gas-based capacity, 787 MW renewable and 362 MW coal-based capacity.
“Torrent Power Limited has entered into a Securities Purchase Agreement with Lightsource India Ltd and Lightsource Renewable Energy (India) Ltd for the acquisition of 100 % of the share capital and all securities of LREHL Renewables India SPV 1 Private Limited (SPV),” a BSE filing said.
The SPV (special purpose vehicle) operates a 50 MW solar power plant, commissioned in April 2018, situated in Maharashtra.
It has a long-term power purchase agreement with Solar Energy Corporation of India Ltd for full capacity for a period of 25 years.
Lightsourcebp (LSbp) is a strategic global partnership between Lightsource Renewable Energy and British Petroleum.
Lightsource India Ltd is the overseas holding company, held jointly by LSbp and UKCI. Lightsource Renewable Energy (India) Ltd is a 100 % subsidiary of LSbp.
Greenstone Advisors LLP acted as exclusive financial advisors to Lightsource India Ltd for this transaction.