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Torrent Power Acquires 50 MW Solar Power Plant from SkyPower Group

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Torrent Power Limited entered into a Sharepurchase Agreement (SPA), with SkyPower Southeast Asia III Investments Limited, and SkyPower Southeast Asia Holdings 2 Limited (the Sellers), for the acquisition 100% securities of Sunshakti Solar Power Projects Private Limited.

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The SPV is responsible for the operation of 50 MW Solar Power Projects in Telangana.

Long-term Power Purchase Agreement (PPA) for the Project is with Northern Power Distribution Company of Telangana Limited (NPDCTL) for a period of 25 years at a fixed tariff of approx. ₹ 5.35 per kWh, with remaining useful life of approx. 20 years. Enterprise Value for this acquisition is approx. ₹ 417 Cr, subject to Closing Price Adjustments, if any. The acquisition is further subject to customary conditions for transaction closure.

Torrent Power, the integrated power utility of the diversified Torrent Group with group revenues of ₹ 20,500 Cr (approx. USD 2.7 billion) and Market Cap of approx. ₹ 75,000 (approx. USD 10 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.

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Torrent Power has an installed capacity of 4.1 GW. This is a large portion of clean generation sources like gas (2.7 GW), and renewables (1 GW). There are also 0.4 GW of new renewable energy plants in development. Torrent Power will now have a 50 MW Solar Power Plant and a renewable portfolio of more that 1.5 GW.

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