Torrent Power on Thursday announced that it has entered into a share purchase agreement with Blue Daimond Properties and Balrampur Chini Mills for the acquisition of 100% equity share Capital of Visual Percept Solar Project.
Visual Percept Solar Project operates 25 MW solar power in Gujarat. Torrent Power further said that the Long-term Power Purchase Agreement (PPA) for the project is with Gujarat Urja Vikas Nigam for a period of 25 years. The enterprise value estimated for the acquisition is Rs 163 crore, subject to closing price adjustments, if any. The acquisition is further subject to customary conditions for transaction closure, Torrent Power said in a press release.Currently, equity shares in Visual Percept Solar Projects Private Limited are currently held by Blue Daimond Properties (55%) and Balrampur Chini Mills (45%).
Torrent Power currently has an aggregate installed generation capacity of about 3.9 GW, which consists largely of clean generation sources such as gas (2.7 GW) and renewables (0.8 GW).
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.
Shares of Torrent Power ended 1.12% lower at Rs 506.65 on Thursday.
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