Torrent Power has entered into a Securities Purchase Agreement with Lightsource India and Lightsource Renewable Energy (India) for the acquisition of 100% of the share capital and all securities of LREHL Renewables India SPV 1 (SPV).
The SPV operates a 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 for full capacity for a period of 25 years.
Enterprise value estimated for this acquisition is around Rs 317 Cr including the VGF receivable. The acquisition is subject t o customary conditions for transaction closure.
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