Torrent Power to acquire 50 MW solar power plant from SkyPower group
Summary
NEW DELHI: Torrent Power Ltd. has singed a share purchase agreement with SkyPower Southeast Asia III Investments Ltd. and SkyPower Southeast Asia Holdings 2 Ltd. to acquire Sunshakti Solar Power Projects Private Ltd (SPV). "Enterprise value for this acquisition is approximately 417 crore, subject to closing price adjustments, if any," Torrent Power said in a statement. It has long-term power purchase agreement with Northern Power Distribution Company of Telangana Ltd. for a period of 25 years at a fixed tariff of about 5.35 per kWh, with remaining useful life of about 20 years, the company added. The acquisition is subject to customary conditions for transaction closure. With the latest acquisition, Torrent Power’s total generation capacity, including under development portfolio, will touch 4.6 GW with a renewable portfolio of more than 1.5 GW.
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