Torrent Power has announced the signing of an agreement with Blue Daimond Properties and Balrampur Chini Mills to acquire a 25 MW solar project in Gujarat for about INR 163 crore. The solar project is operated by Visual Percept Solar projects, a special purpose vehicle currently owned 55% by Blue Daimond Properties Private Ltd and 45% by Balrampur Chini Mills. Commissioned in 2011, it benefits from a 25-year power purchase agreement with Gujarat Urja Vikas Nigam Ltd.
Reliance completes acquisition of 40% equity share in Sterling & Wilson Solar
Reliance New Energy Solar Ltd, a wholly-owned unit of Reliance Industries Ltd, has acquired 1.96 crore shares representing 10.37% of the equity share capital of Sterling & Wilson Renewable Energy (formerly known as Sterling and Wilson Solar Limited) via off-market purchase from Shapoorji Pallonji and Company (1,53,80,904 equity shares) and Khurshed Daruvala (42,86,846 equity shares), the promoters of SWREL. The acquisition was done at INR 375 per equity share, aggregating to INR 737.54 crore. Consequent to such acquisition, RNEL holds 40% of the total paid-up equity share capital of SWREL.
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