Torrent Power Secures 50 MW Solar Power Plant from SkyPower

Leading Ahmedabad based power player Torrent Power Limited has said that the company has acquired a 50 MW Solar Power Project from SkyPower Group. Torrent informed that the enterprise value for this acquisition is somewhere about Rs 417 crore subject to closing price adjustments, in case there are any and the acquisition is further subject to customary conditions for transaction closure.

The official statement of Torrent Power stated, “Torrent Power Limited has entered into a Share Purchase Agreement (SPA) with SkyPower Southeast Asia III Investments Limited and SkyPower Southeast Asia Holdings 2 Limited (the Sellers) for the acquisition of 100% securities of Sunshakti Solar Power Projects Private Limited (the SPV).”

The 50 MW Solar Power Project is operated by Sunshakti in Telangana.

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Torrent Power has also held that the Telangana project benefits from a long term Power Purchase Agreement with Northern Power Distribution Company of Telangana Limited (NPDCTL). The PPA is meant for 25 years. The tariff in the agreement is fixed at about Rs 5.35 kWh. The remaining life of the agreement is of about 20 years.

In March, Torrent Power had also acquired a 50 MW solar power project developed by United Kingdom based giant Lighthouse BP in Wagdari village of Solapur district in Maharashtra that had an enterprise value of Rs 300 crore. The Wagdari plant is benefitting from a power purchase agreement signed with SECI for 25 years.

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Torrent Power is among the largest players in the power sector in India with group revenues reaching around Rs. 20,500 crore. Power Generation, transmission and distribution – Torrent has a presence across the entire power value chain.

Torrent Power said that its present aggregate installed generation capacity stands at 4.1 GW. Most of the capacity consists of clean generation sources like gas (2.7 GW) and renewables (1.0 GW). Torrent says that 0.4 GW of renewable energy projects are currently under development.

The official statement of Torrent Power stated that with the acquisition of the Telangana based 50 MW Solar Power Project, its total generation portfolio will swell to 4.6 GW. The renewable energy portfolio will now be more than 1.5 GW.