Torrent Power acquires Visual Percept Solar Projects

Torrent Power Limited, a Gujarat-based power company, has entered into a share purchase agreement with Blue Diamond Properties and Balrampur Chini Mills to acquire 100 per cent of the equity share capital of Visual Percept Solar Projects, a special purpose vehicle (SPV). The purchase price is estimated to be Rs 1.63 billion.

Blue Diamond Properties and Balrampur Chini Mills had a 55 per cent and 45 per cent of the SPV’s equity shares, respectively. The SPV operates a 25 MW solar facility in Gujarat and has a 25-year power purchase agreement with Gujarat Urja Vikas Nigam Limited. The project, which began operations in January 2012, has a feed-in tariff of Rs 15 per kWh for the first 12 years and Rs 5 per kWh thereafter. Torrent Power has a total capacity of 3.9 GW, which includes 2.7 GW of gas and 800 MW of renewable energy. In addition, the corporation is in the process of acquiring or developing 700 MW of renewable energy capacity. Its renewable portfolio will grow to approximately 1.5 GW, bringing its total power generating capacity to over 4.6 GW.

In September 2021, Torrent Power signed a share purchase agreement to acquire 156 MW of wind power projects for about Rs 7.9 billion from Surya Vidyut, a subsidiary of Chamundeshwari Electricity Supply Corporation Limited (CESC). Torrent Power had acquired 100 per cent of the share capital of Surya Vidyut Limited from CESC Limited, Haldia Energy Limited and other nominal shareholders.

 

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