Torrent Power Limited has acquired full stake in Lightsource Renewable Energy (India) Limited for Rs 300 crore. Lightsource Renewable operates a 50 MW solar power plant in the state of Maharashtra.
“With the acquisition of 50 MW Solar Power Plant, Torrent Power’s total generation capacity, including under development portfolio, will reach 4.6 GW with a renewable portfolio of more than 1.5 GW,” said Torrent Power in a statement.
Commissioned in 2018, the SPV operates the 50 Mw solar power plant in Maharashtra with a long-term power purchase agreement (PPA) with Solar Energy Corporation of India Limited (SECI) for full capacity for a period of 25 years at a tariff of Rs 4.43/ kWh. The enterprise value for the acquisition of Rs 300 crore includes the viability gap funding (VGF) receivable, consequent to closing adjustments, Torrent Power stated on Friday.
Torrent Power also has a capacity of 0.4 Gw of renewable energy plants under development. With the acquisition of a 50 Mw solar power plant, Torrent Power’s total generation capacity, including the under development portfolio, will reach approximately 4.6 GW with a renewable portfolio of more than about 1.5 Gw.