Torrent Power completes acquisition of 50 MW Solar Power Plant from SkyPower Group

India, June 13 -- Torrent Power has, pursuant to Securities Purchase Agreement (SPA) with SkyPower Southeast Asia Ill Investments and SkyPower Southeast Asia Holdings 2 (the Sellers) and Sunshakti Solar Power Projects (SPV), completed transaction of acquisition of 100% securities of the SPV. The SPV operates 50 MW Solar Power Plant 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 416 crore, consequent to closing adjustments. With the acquisition of 50 MW Solar Power Plant, Torrent Power's total generation capacity, including under development portfolio, will reach to 4.7 GW with renewable portfolio of more than 1.6 GW.

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. Published by HT Digital Content Services with permission from Accord Fintech. For any query with respect to this article or any other content requirement, please contact Editor at contentservices@htlive.com