Companies

Torrent Power acquires 50-MW solar power plant from Lightsourcebp, UKCI

Our Bureau Ahmedabad | Updated on July 30, 2021

Buys 100% in LREHL Renewables India SPV 1 for ₹317 crore

Torrent Power Limited on Friday announced acquisition of LREHL Renewables India SPV 1 Private Limited, which operates 50 megawatt solar power plant.

Torrent Power has entered into a Securities Purchase Agreement with Lightsource India Limited and Lightsource Renewable Energy (India) Limited for the acquisition of 100 per cent of the share capital and all securities of LREHL Renewables India SPV 1 Private Limited (SPV).

Enterprise value estimated for the acquisition is around ₹317 crore including the viability gap funding (VGF) receivable.

Lightsource India Limited is the overseas holding company, held jointly by Lightsourcebp (51 per cent) and UK Climate Investments LLP (UKCI) (49 per cent) — a joint venture between the Green Investment Group and the UK Government’s Department for Business, Energy and Industrial Strategy.

Lightsource Renewable Energy (India) Limited is a 100 per cent subsidiary of LsBP, which is a strategic global partnership between Lightsource Renewable Energy and British Petroleum.

The 50-MW solar power plant was commissioned in April 2018 and is situated in Maharashtra.

The plant has a long-term Power Purchase Agreement (PPA) with Solar Energy Corporation of India Limited (SECI) for full capacity for 25 years, a statement from the company said.

The acquisition is subject to customary conditions for transaction closure.

Integrated power utility

Torrent Power is a ₹12,173-crore integrated power utility with an aggregate installed generation capacity of 3879 MW comprising 2730 MW gas-based capacity, 787 MW renewable capacity and 362 MW coal-based capacity.

The company’s 815 MW renewable projects are under development. With the acquisition of 50 MW solar power plant, Torrent's total generation capacity, including under construction portfolio, will exceed 4.7 GW with renewable portfolio of more than 1.6 GW, the statement said.

Greenstone Advisors LLP acted as exclusive Financial Advisors to Lightsource India Limited for this transaction.

Torrent Power shares ended at ₹455.35, up 0.7 per cent on BSE Friday.

Published on July 30, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like