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Torrent Power To Buy 25 MW Solar Plant For Rs 163 Cr

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Torrent Power Limited has entered into a Share Purchase Agreement (SPA) with Blue Daimond Properties Private Limited and Balrampur Chini Mills Limited, the Sellers for the acquisition of 100% Equity Share Capital of Visual Percept Solar Projects Private Limited (the SPV).

Torrent Power’s long-term power purchase agreement (PPA) for the project is with the Gujarat Urja Vikas Nigam Limited (GUVNL) for a period of 25 years at an estimated enterprise value of Rs 163 crore, subject to closing price adjustments. The acquisition is further subject to customary conditions for transaction closure, it said in a statement.

100% of the Equity Shares in Visual Percept Solar Projects Private Limited are currently held by Blue Daimond Properties Private Limited (55%) and Balrampur Chini Mills Limited (45%).

“Torrent Power currently has an aggregate installed generation capacity of about 3.9 GigaWatt (GW), which consists largely of clean generation sources such as gas (2.7 GW) and renewables (0.8 GW). The company also has a capacity of 0.7 GW of renewable energy plants under advanced stage of acquisition or under development, with which its renewable portfolio will increase to over 1.5 GW and its total capacity rise to about 4.6 GW,” the statement added.

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Torrent Power, the integrated power utility of the diversified Torrent Group with group revenues of Rs20,500 crore (approx. USD 2.7 billion) and Market Cap of Rs82,000 crore (approx. USD 11 billion), is one of the largest companies in the Country’s power sector with presence across the entire power value chain of generation, transmission and distribution.

Last year in August Torrent Power had 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.

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