Torrent Power Limited, a private-sector integrated power utility in India, has agreed to acquire a 50 MW solar power plant from Canadian developer SkyPower in the Indian State of Telangana. The enterprise value for this acquisition is approx. INR 417 crore.
The plant is owned by SkyPower Southeast Asia III Investments Limited and SkyPower Southeast Asia Holdings 2 Limited and operated through special purpose vehicle Sunshakti Solar Power Projects Private Limited.
The project benefits from a 25-year power purchase agreement (PPA) with Northern Power Distribution Company of Telangana Limited (NPDCTL) at a fixed tariff of approx. INR 5.35/kWh, with the remaining useful life of approx. 20 years.
Torrent Power’s latest addition follows the acquisition of a 50 MW solar asset from UK-based developer Lightsource BP in the Indian State of Maharashtra.
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 75,000 crore (approx. US$ 10 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 4.1 GW, consisting mainly of clean generation sources such as gas (2.7 GW) and renewables (1.0 GW). It also has 400 MW of renewable energy plants under development. With the acquisition of the 50 MW solar power plant, its total generation capacity, including an under-development portfolio, will reach 4.6 GW with a renewable portfolio of more than 1.5 GW.
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