Ahmedabad, Mar 25
Power producer, Torrent Power Ltd has completed thef acquisition of 100 per cent of the share capital and all securities of LREHL Renewables India SPV 1 Private Ltd (SPV).
The development comes pursuant to the Securities Purchase Agreement (SPA) with Lightsource India Ltd and Lightsource Renewable Energy (India) Ltd .
Lightsource India Ltd is the overseas holding company, held jointly by LSbp (51 per cent) and UKCI (49 per cent). Lightsource Renewable Energy (India) Ltd is a 100 per cent subsidiary of LSbp.
Lightsourcebp (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.
The SPV operates 50 Megawatt (MW) solar power plant, commissioned in April 2018 in Maharashtra. The power plant has a long-term Power Purchase Agreement (PPA) with Solar Energy Corporation of India Ltd (SECI) for full capacity for a period of 25 years at a tariff of ₹4.43 per kWh. Torrent Power informed that the enterprise value for this acquisition is around ₹300 crore including the VGF receivable, 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 around 4.6 Gigawatt (GW) with renewable portfolio of more than ~1.5 GW.