Torrent Power on Saturday entered into a Share Purchase Agreement (SPA) with Skypower Southeast Asia III Investments and Skypower Southeast Asia Holdings 2 (Sellers) for acquisition of 100% securities of Sunshakti Solar Power Projects (SPV).
The enterprise value for the acquisition is 417 crore, subject to closing price adjustments, if any.
Presently, the SPV operates a 50 MW solar power project in the state of Telangana.
torrent power Enters into a long term power purchase agreement with Northern Power Distribution Company (NPDCTL) of Telangana Limited (NPDCTL) for a solar power project at a fixed tariff of around 5.35 per kWh with a remaining useful life of about 20 years.
Torrent Power, a Torrent Group backed integrated power utility, is one of the largest companies in the country’s power sector, with a presence across the entire electricity value chain of generation, transmission and distribution.
By adding a 50 MW solar power plant, Torrent Power’s total generation capacity, including its undeveloped portfolio, will reach ~4.6 GW with a renewables portfolio of over 1.5 GW.
Currently, Torrent Power has a total installed generation capacity of ~4.1 GW, largely consisting 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 power plants under development.