Sineng PV Inverter
Waaree Energies

Torrent Power Acquires 50-MW Solar Plant From SkyPower Group For Rs 416 Cr in Telangana

0
34

Reading Time: 1 minutes

Growatt

Torrent Power Ltd., a Gujarat-based company, has purchased a 50 megawatt (solar power) plant from SkyPower Group for an enterprise value Rs 416 crore.

Pixon

A special-purpose vehicle, the solar power plant in Telangana has a 25-year power purchase agreement with Northern Power Distribution Co. of Telangana Ltd. at a fixed tariff of Rs 5.35 per kWh.

“Torrent Power completes acquisition of 50 MW solar power plant from SkyPower Group, pursuant to the Securities Purchase Agreement with SkyPower Southeast Asia III Investments Ltd and SkyPower Southeast Asia Holdings II Ltd and Sunshakti Solar Power Projects Pvt. Ltd.,” according to a statement on Monday.

The enterprise value for this acquisition is about Rs 416 crore, consequent to closing adjustments, it stated.

Torrent Power, at present, has an aggregate installed generation capacity of 4.1 GW, which consists largely of clean generation sources, such as gas (2.7 GW) and renewables (1 GW). It also has a capacity of 0.5 GW of renewable energy plants under development.

Also Read  SolarQuarter India Apr-May 2022(RenewX) Issue

With the acquisition of a 50 MW solar power plant, Torrent Power’s total generation capacity, including under-development portfolio, will reach 4.7 GW with a renewable portfolio of more than 1.6 GW.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.