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Torrent Power Limited on Thursday said it had acquired a special purpose vehicle (SPV) that operates 25 MW of solar power project in Gujarat for an estimated enterprise value of ₹163 crore. The company has entered into a Share Purchase Agreement (SPA) with Blue Daimond Properties Private Limited and Balrampur Chini Mills Limited to acquire 100 per cent equity share capital of the SPV, i.e. Visual Percept Solar Projects Private Limited. Currently, the equity shares of Visual Percept Solar Projects are held by Blue Daimond Properties Private Limited (55 per cent) and Balrampur Chini Mills Limited (45 per cent). The SPV has a long-term Power Purchase Agreement (PPA) with State utility, Gujarat Urja Vikas Nigam Limited (GUVNL) for a period of 25 years. The acquisition is further subject to customary conditions for transaction closure, Torrent Power said in a regulatory filing. Torrent Power currently has an aggregate installed generation capacity of about 3.9 GigaWatt (GW), which consists largely of clean generation sources such as gas (2.7 GW) and renewables (0.8 GW). It also has a capacity of 0.7 GW of renewable energy plants under advanced stage of acquisition or under development, with which its renewable portfolio will increase to over 1.5 GW and its total capacity rise to about 4.6 GW, the company said. Torrent Power shares ended in red at ₹506.20, down by 1.2 per cent from previous close on NSE.
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