Torrent Power acquires 50 MW solar power plant from SkyPower Group

AHMEDABAD: Torrent Power Limited, the integrated power utility of the diversified Torrent Group, on Saturday announced the acquisition of Sunshakti Solar Power Projects, an SPV, which operates a 50 MW solar power plant in Telangana. Torrent Power has entered into a share purchase agreement with Skypower South East Asia III Investments Limited and Skypower South East Asia Holdings II Limited for the acquisition of 100% securities of the SPV.
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 Rs 5.35 per kWh for 25 years. The enterprise value of the acquisition is approximately Rs 417 crore, subject to closing price adjustments.
The acquisition is further subject to customary conditions for transaction closure.