Torrent Power closes buy of 50-MW solar park in India

• India's Torrent Power Ltd (BOM:532779) has actually shut the purchase of a special objective vehicle (SPV) that holds a 50-MW solar power plant in the state of Maharashtra in an offer worth INR 3 billion (USD 39.4 m/EUR 35.7 m).

The enterprise value of the deal consists of the VGF receivable, the Indian firm stated on Friday.

Torrent Power has acquired 100% of the share capital as well as safeties of LREHL Renewables India SPV 1 Private Limited (SPV) from Lightsource India Ltd and Lightsource Renewable Energy India Ltd. Lightsource India is a joint venture in between Lightsource BP as well as UK Environment Investments LLP (UKCI). The last, in turn, is co-owned by the Green Investment Group as well as the UK government's Division for Company, Energy and Industrial Method (BEIS).

The photovoltaic (PV) park has actually been creating power considering that April 2018. It runs under a 25-year power acquisition agreement (PPA) with the Solar Energy Corporation of India Ltd at a tariff of INR 4.43/ kWh.

The procurement has increased Torrent Power's power generation fleet, including projects under development, to 4.6 GW. Renewables account for greater than 1.5 GW of the total.