Torrent Power which is a Gujarat-based power generation company and Lightsource India and Light source Renewable Energy has signed an agreement.
Torrent Power is going to acquire 100% of the share capital of the 50 MW solar project and all securities of the special purpose vehicle (SPV) Lightsource Renewable Energy Holdings Limited (LREHL) Renewables India SPV1.
The 50 MW solar project was commissioned in April 2018. It is located in the Wagdari and Gogaon villages of the Solapur district in Maharashtra.
Lightsource bp is a strategic collaboration of Lightsource Renewable Energy and British Petroleum. Lightsource India is an overseas holding company, held jointly by Lightsource bp (51%) and UK Climate Investments (49%). Lightsource Renewable Energy (India) is the 100% subsidiary of Lightsource bp.
In 2017, Lightsource Renewable Energy and UK Climate Investments which is a part of the Green Investment Group within Macquarie Infrastructure and Real Assets, joined together to form a partnership platform to fund the development, acquisition, and ownership of large-scale solar projects in India.
The SPV was incorporated in 2016 to generate electricity from renewable sources. It has a PPA (Power Purchase Agreement) with the SECI (Solar Energy Corporation of India) for the full capacity for 25 years.
The total value for this transaction is estimated to be around ₹3.17 billion (~$42.59 million), including viable gap funding of ₹98 million (~$1.32 million), which the company is entitled to receive from SECI. The acquisition will be completed within 60 days of the signing of the securities purchase agreement.
Torrent Power has a total installed generation capacity of 3,879 MW. Which is further divided into 2,730 MW of gas-based capacity, 787 MW renewable capacity, and 362 MW coal-based capacity.
Solar projects continue to be acquired in record numbers globally. Project acquisitions in Q2 2021 were the highest ever, with 25 GW. In the first half (1H) of 2021, 135 solar projects totaling 39.3 GW were acquired compared to 91 project acquisitions for 14.7 GW in the first half (1H) 2020.
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