Torrent Power acquires 50 MW solar power project in Maharashtra for Rs 3.17 billion

Torrent Power Limited has announced the acquisition of 100 per cent of the share capital and all securities of LREHL Renewables India SPV 1 Private Limited (SPV) from Lightsource India Limited and Lightsource Renewable Energy (India) Limited. The enterprise value is of Rs 3.17 billion, including the viability gap funding (VGF) receivable. According to the statement made by Torrent Power on July 31, 2021, the procurement is subject to customary transaction closing conditions.

The Lightsource SPV currently operates the 50 MW solar power facility, located in the Solapur district of Maharashtra. Lightsource BP won the bid to develop this project in a 450 MW auction by Solar Energy Corporation of India (SECI) in 2016 and began operations in 2018. Construction, photovoltaic modules, and technical expertise for the project were provided by Sterling & Wilson and LONGi Solar. The plant is also signed to a 25-year power purchase agreement with SECI at a fixed tariff of Rs 4.43 per kWh.

Torrent’s overall generation capacity, including under construction portfolio, will surpass 4.7 GW, with a renewable portfolio of more than 1.6 GW, following the acquisition of the 50 MW Solar Power Plant. Further, renewables power projects of 815 MW are under development. In February 2021, Torrent Power Generation and Adani Green Energy won capacities at Torrent Power Limited’s latest auction to develop 300 MW of grid-connected solar projects in Gujarat. The two companies quoted a winning tariff of Rs 2.22 per kWh and were awarded capacities of 150 MW each.

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