Torrent Power Limited has, pursuant to Securities Purchase Agreement (SPA) with SkyPower Southeast Asia III Investments Limited and SkyPower Southeast Asia Holdings 2 Limited (the Sellers) and Sunshakti Solar Power Projects Private Limited (SPV), completed transaction of acquisition of 100% securities of the SPV. The SPV operates 50 MW Solar Power Plant in the state of Telangana. Long-term Power Purchase Agreement (PPA) for the Project is with Northern Power Distribution Company of Telangana Limited (NPDCTL) for a period of 25 years at a fixed tariff of approx. ‘ 5.35 per kWh, with remaining useful life of approx. 20 years. Enterprise Value for this acquisition is approx. ‘416 Crore, consequent to Closing adjustments.
Torrent Power, the integrated power utility of the diversified Torrent Group with group revenues of approx. Rs 22,500 Cr (approx. USD 3.0 billion) and Market Cap of Rs 70,000 Crore (approx. USD 9 billion), is one of the largest companies in the Country’s power sector with presence across the entire power value chain of generation, transmission and distribution.
Torrent Power currently has an aggregate installed generation capacity of 4.1 GW, which consists largely of clean generation sources such as gas (2.7 GW) and renewables (1.0 GW). It also has a capacity of 0.5 GW of renewable energy plants under development. With the acquisition of 50 MW Solar Power Plant, Torrent Power’s total generation capacity, including under development portfolio, will reach to 4.7 GW with renewable portfolio of more than 1.6 GW.