Torrent Power, a private-sector integrated utility in India, has completed the INR 416 crore ($53.3 million) acquisition of a 50 MW solar plant from Canadian developer SkyPower in the Indian state of Telangana.
The plant is owned by SkyPower Southeast Asia III Investments and SkyPower Southeast Asia Holdings 2. It is operated via a special-purpose vehicle, Sunshakti Solar Power Projects. The project has a 25-year power purchase agreement (PPA) with Northern Power Distribution Co. of Telangana Ltd. at a fixed tariff of about INR 5.35/kWh.
The diversified Torrent Group has revenues of INR 20,500 crore and a market cap of INR 75,000 crore. It is one of the largest companies in the Indian power sector, with a 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 sources such as gas (2.7 GW) and renewables (1 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 its under-development portfolio, will reach 4.6 GW, with a renewables portfolio of more than 1.5 GW.
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