Torrent Power completes acquisition of 50 MW Solar Power Plant from Lightsource bp and UKCI

Torrent Power Limited has, pursuant to Securities Purchase Agreement with Lightsource India Limited and Lightsource Renewable Energy (India) Limited, completed transaction of acquisition of 100% of the share capital and all securities of LREHL Renewables India SPV 1 Private Limited (SPV). The SPV operates 50 MW solar power plant, commissioned in April 2018, situated in the state of Maharashtra. It has a long-term Power Purchase Agreement with Solar Energy Corporation of India Limited for full capacity for a period of 25 years at a tariff of Rs. 4.43/ kWh. Enterprise value for this acquisition is around Rs. 300 Cr. including the VGF receivable, consequent to Closing adjustments.

Torrent Power, the integrated power utility of the diversified Torrent Group with group revenues of Rs. 20,500 Cr. (approx. USD 2.7 billion) and Market Cap of Rs. 70,000 Cr. (approx. USD 9.1 billion), 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.

Torrent Power currently has an aggregate installed generation capacity of ~ 4.1 GW, which consists largely of clean generation sources such as gas (2.7 GW) and renewables (1.0 GW). It also has a capacity of 0.4 GW of renewable energy plants under development. With the acquisition of 50 MW Solar Power Plant, Torrent Power's total generation capacity, including under development portfolio, will reach to 4.6 GW with renewable portfolio of more than ~1.5 GW.

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 Limited is the overseas holding company, held jointly by LSbp (51%) and UKCI (49%). Lightsource Renewable Energy (India) Limited is a 100% subsidiary of LsBP.

Shares of Torrent Power Limited was last trading in BSE at Rs. 494.30 as compared to the previous close of Rs. 484.00. The total number of shares traded during the day was 22443 in over 821 trades.

The stock hit an intraday high of Rs. 495.80 and intraday low of 480.65. The net turnover during the day was Rs. 11000497.00.

Source : Equity Bulls

Keywords

TorrentPower INE813H01021 Acquisition RenewablePower SolarPowerPlant