Torrent Power has entered into a Securities Purchase Agreement for acquisition of 100% of the share capital and all securities of LREHL Renewables India SPV 1 (SPV).
Torrent Power has entered into a Securities Purchase Agreement with Lightsource India and Lightsource Renewable Energy (India) for acquisition of 100% of the share capital and all securities of LREHL Renewables India SPV 1 (SPV).
The SPV operates a 50 MW solar power plant, commissioned in April 2018, situated in the Maharashtra. It has a long-term Power Purchase Agreement with Solar Energy Corporation of India for full capacity for a period of 25 years. Enterprise value estimated for this acquisition is around Rs 317 crore including the VGF receivable.
Lightsourcebp (LSbp) is a strategic global partnership between Lightsource Renewable Energy and British Petroleum. UK Climate Investments LLP (UKCI) is a joint venture between the Green Investment Group and the UK Government's Department for Business, Energy and Industrial Strategy. Lightsource India is the overseas holding company, held jointly by LSbp (51%) and UKCI (49%). Lightsource Renewable Energy (India) is a 100% subsidiary of LsBP.
The announcement was made after market hours on Friday, 30 July 2021. Shares of Torrent Power rose 0.7% to settle at Rs 455.35 on Friday, 30 July 2021.
Torrent Power is the integrated power utility of the Torrent Group and is one of the largest companies in the country's power sector with presence across the entire power value chain of generation, transmission and distribution.
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