Torrent Power Limited has bagged a 50 MW solar power plant from SkyPower in Telangana with an enterprise value for the acquisition is around Rs 417 crore.
The solar power plant is owned by SkyPower Southeast Asia III Investments Limited and SkyPower Southeast Asia Holdings 2 Limited and operated through the Special Purpose Vehicle (SPV) Sunshakti Solar Power Projects Private Limited.
The project benefits from a 25 years power purchase agreement (PPA) with Northern Power Distribution Company of Telangana Limited (NPDCTL) at a fixed tariff of around Rs 5.35 per KWh, with the remaining useful life of around 20 years.
It follows the acquisition of a 50 MW solar asset from Lightsource BP in Maharashtra.
Torrent Power is a part of the Torrent Group, with group revenues of Rs 20,500 crore and a market cap of Rs 75,000 crore, one of the largest companies in the Indian power sector with a presence across the overall power value chain of generation, transmission, and distribution.
The company has an aggregate installed generation capacity of 4.1 GW, including clean generation sources such as gas of 2.7 GW and renewables of 1 GW. Torrent Power has 400 MW of renewable energy plants under development.
With this acquisition of a 50 MW solar power plant, its total generation capacity, including an under-development portfolio, will reach 4.6 GW with a renewable portfolio of over 1.5 GW.
Also read: Torrent Power bags 156 MW wind projects worth Rs 7.9 bn from CESC