Torrent Power to acquire 50 MW solar plant from SkyPower Group
Torrent Power has inked a share purchase pact to acquire 100 per cent equity in a 50 MW solar plant of SkyPower Group at an enterprise value of Rs 417 crore.
Torrent Power Ltd has entered into a Share Purchase Agreement (SPA) with SkyPower Southeast Asia III Investments Limited and SkyPower Southeast Asia Holdings 2 Limited (the Sellers) for the acquisition of 100 per cent securities of Sunshakti Solar Power Projects Private Ltd (the SPV special purpose vehicle).
The SPV operates a 50 MW Solar Power Project in the state of Telangana.
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 approx Rs 5.35 per kWh, with remaining useful life of about 20 years.
