Torrent Power closes buy of 50-MW solar park in India

Solar power plant. Image source: Lightsource bp.

March 25 (Renewables Now) - India’s Torrent Power Ltd (BOM:532779) has closed the purchase of a special purpose vehicle (SPV) that holds a 50-MW solar power plant in the state of Maharashtra in a deal worth INR 3 billion (USD 39.4m/EUR 35.7m).

The enterprise value of the deal includes the VGF receivable, the Indian company said on Friday.

Torrent Power has acquired 100% of the share capital and securities of LREHL Renewables India SPV 1 Private Limited (SPV) from Lightsource India Ltd and Lightsource Renewable Energy India Ltd. Lightsource India is a joint venture between Lightsource BP and UK Climate Investments LLP (UKCI). The latter, in turn, is co-owned by the Green Investment Group and the UK government's Department for Business, Energy and Industrial Strategy (BEIS).

The photovoltaic (PV) park has been generating electricity since April 2018. It operates under a 25-year power purchase agreement (PPA) with the Solar Energy Corporation of India Ltd at a tariff of INR 4.43/kWh.

The acquisition has expanded Torrent Power's power generation fleet, including projects under development, to 4.6 GW. Renewables account for more than 1.5 GW of the total.

(INR 10 = USD 0.131/EUR 0.119)

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