Torrent Power Acquires Solar Power Plant from SkyPower Group

Torrent Power announced that it has signed a Share Purchase Agreement (SPA) with SkyPower Southeast Asia III Investments and SkyPower Southeast Asia Holdings 2 to acquire 100% shares of the Sunshakti Solar Power Project.

Sunshakti Solar Power Projects (SPV) operates a 50 MW solar power project in Telangana. SPV has a fixed tariff of about Rs 5.35 per kWh for 25 years under a long-term power purchase agreement for a project with Northern Power Distribution Company of Telangana (NPDCTL), with remaining useful life of about 20 years. In the 2021 fiscal year, it recorded sales of Rs 50.09 crore.

The organization cost for this acquisition is about Rs 417 crore, with concern to last charge adjustments, if any. The acquisition is further subject to normal situations for transaction closure.

Torrent Power is an integrated power utility. It is one of the largest companies in the domestic power sector, located throughout the power value chain for power generation, transmission, and distribution.