Torrent Power Limited, a private-sector integrated power utility in India, has completed the acquisition of 50MW solar assets owned by UK-based developer Lightsource BP in the Indian State of Maharashtra. The enterprise value of this acquisition is around INR 300 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.
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 the Solar Energy Corporation of India Limited for total capacity at a tariff of INR 4.43/kWh.
Torrent Power, part of the diversified Torrent Group with group revenues of INR 20,500 crore (approx. US$ 2.7 billion) and a market cap of INR 70,000 crore (approx. US$ 9.1 billion), is one of the largest companies in the country’s power sector with presence across the entire power value chain of generation, transmission, and distribution.
Torrent Power currently has an aggregate installed generation capacity of 4.1GW, consisting mainly of clean generation sources such as gas (2.7GW) and renewables (1.0 GW). It also has 400MW of renewable energy plants under development. With the acquisition of the 50MW solar power plant, its total generation capacity, including an under-development portfolio, will reach 4.6GW with a renewable portfolio of more than 1.5GW.
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