Torrent Power on Friday announced the completion of the acquisition of 50 MW solar power plant from Lightsource bp and UKCI for an enterprise value of ₹300 crore.
"Torrent Power Ltd has, pursuant to Securities Purchase Agreement with Lightsource India Ltd and Lightsource Renewable Energy (India) Ltd, completed transaction of acquisition of 100 per cent of the share capital and all securities of LREHL Renewables India SPV 1 Private Ltd (SPV)," a company statement 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 at a tariff of ₹4.43/ kWh.
According to the statement, enterprise value for this acquisition is around ₹300 crore including the VGF (viability gap funding) receivable, consequent to closing adjustments.
Torrent Power is a leading power sector firm and has a presence across the entire power value chain of generation, transmission and distribution.
Torrent Power currently 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 (1.0 GW).
It also has a capacity of 0.4 GW of renewable energy plants under development.
With the acquisition of 50 MW Solar Power Plant, Torrent Power's total generation capacity, including under development portfolio, will reach 4.6 GW with a renewable portfolio of more than 1.5 GW.
Lightsource bp (LSbp) is a strategic global partnership between Lightsource Renewable Energy and British Petroleum. UK Climate Investments LLP (UKCI) is a joint venture between the Green Investment Group and the UK Government's Department for Business, Energy and Industrial Strategy.
Lightsource India Ltd is the overseas holding company, held jointly by LSbp and UKCI, wherein LSbp holds 51 per cent stake and UKCI has a 49 per cent stake.
Lightsource Renewable Energy (India) Ltd is a 100 per cent subsidiary of LsBP.