Torrent Power Limited, a Gujarat-based power provider, has entered into a share purchase agreement with Blue Diamond Properties and Balrampur Chini Mills to acquire 100% of the equity share capital of Visual Percept Solar Projects, a special purpose entity (SPV). The deal is valued at $1.63 billion (about $21.71 million). Blue Diamond Properties and Balrampur Chini Mills each owned 55 percent and 45 percent of the SPV’s equity shares. The SPV runs a 25-megawatt solar facility in Gujarat and has a 25-year power purchase agreement with Gujarat Urja Vikas Nigam. The project, which was completed in January 2012, has a feed-in tariff of $15 ($0.20) per kWh for the first 12 years and $5 ($0.066) per kWh after that.
Torrent Power has a total capacity of 3.9 GW, which includes 2.7 GW of gas and 800 MW of renewable energy. In addition, the corporation is in the process of acquiring or developing 700 MW of renewable energy capacity. Its renewable portfolio will grow to about 1.5 GW, and its overall power generation capacity will expand to around 4.6 GW as a result.
In Gujarat, the firm distributes around 14.5 billion units of electricity to over 3.7 million customers in Ahmedabad, Gandhinagar, Surat, Dahej SEZ, and Dholera, as well as Maharashtra and Uttar Pradesh. It is also taking over the distribution of electricity in the union territories of Dadra and Nagar Haveli and Daman and Diu.
The company reported revenue from operations of 105.14 billion ($1.41 billion) in the first nine months (9M) of the fiscal year 2022 earlier this month. The figure was up 16 percent from the same period last year when revenue totaled $90.89 billion (US$1.21 billion). Mercom previously announced that it has entered into a share purchase agreement with CESC Limited, Haldia Energy Limited, and other nominal shareholders to acquire Surya Vidyut Limited’s entire share capital. In Gujarat, Rajasthan, and Madhya Pradesh, Surya Vidyut Limited held 156 MW of wind generation installations. In addition, Torrent Power has purchased 100 percent ownership in Lightsource Renewable Energy Holdings’ special purpose vehicle, which operates a 50-megawatt solar project.
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Resource: Mercom India
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