Torrent Power completes acquisition of 50 MW solar power plant from SkyPower GroupTorrent Power has pursuant to Securities Purchase Agreement (SPA) with SkyPower Southeast Asia-III Investments and SkyPower Southeast Asia Holdings 2 and Sunshakti Solar Power Projects (SPV), completed transaction of acquisition of 100 percent 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 (NPDCTL) for a period of 25 years at a fixed tariff of approximately 5.35 per kWh, with remaining useful life of around 20 years.

The enterprise value for this acquisition is approximately Rs 416 crore, consequent to closing adjustments.

Torrent Power currently has an aggregate installed generation capacity of around 4.1 GW, which consists largely of clean generation sources such as gas (2.7 GW) and renewables (one GW).

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