Torrent Power Limited, a private-sector integrated power utility in India, has acquired 50 MW solar assets owned by UK-based developer Lightsource BP in the Indian State of Maharashtra. The enterprise value of this acquisition is around INR 317 crore.
The PV plant, situated in Wagdari village of the Solapur district, is owned and operated by Lightsource BP’s renewable energy arm Lightsource Renewable Energy (India) in finance partnership with UK government-funded green investment platform UKCI Indigo through special purpose vehicle LREHL Renewables India.
The plant was commissioned in April 2018. Construction, photovoltaic modules, and technical expertise for the project were provided by Sterling & Wilson and LONGi Solar. The plant benefits from a 25-year power purchase agreement with Solar Energy Corporation of India Limited at a fixed tariff of INR4.43 per unit.
“Torrent Power has entered into a Securities Purchase Agreement with Lightsource India Limited and Lightsource Renewable Energy (India) Limited for the acquisition of 100% of the share capital and all securities of LREHL Renewables India SPV 1 Private Limited (SPV),” read a press statement by Torrent Power.
Torrent Power, an INR12,173-crore integrated power utility of the INR 20,000-crore Torrent Group, is one of the largest companies in the Country’s power sector with a presence across the entire power value chain of generation, transmission, and distribution. It currently has an aggregate installed generation capacity of 3,879 MW comprising 2,730 MW gas-based capacity, 787 MW renewable capacity, and 362 MW coal-based capacity. Further, renewable power projects of 815 MW are under development.
With the acquisition of the 50 MW solar power plant, Torrent’s total generation capacity, including the under-construction portfolio, will exceed 4.7 GW with a renewable portfolio of more than 1.6 GW.
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