Torrent Energy closes purchase of 50-MW photo voltaic park in India

March 25 (Renewables Now) – India’s Torrent Energy Ltd (BOM:532779) has closed the acquisition of a particular function automobile (SPV) that holds a 50-MW solar energy plant within the state of Maharashtra in a deal value INR 3 billion (USD 39.4m/EUR 35.7m).

The enterprise worth of the deal contains the VGF receivable, the Indian firm mentioned on Friday.

Torrent Energy has acquired 100% of the share capital and securities of LREHL Renewables India SPV 1 Personal Restricted (SPV) from Lightsource India Ltd and Lightsource Renewable Power India Ltd. Lightsource India is a three way partnership between Lightsource BP and UK Local weather Investments LLP (UKCI). The latter, in flip, is co-owned by the Inexperienced Funding Group and the UK authorities’s Division for Enterprise, Power and Industrial Technique (BEIS).

The photovoltaic (PV) park has been producing electrical energy since April 2018. It operates below a 25-year energy buy settlement (PPA) with the Photo voltaic Power Company of India Ltd at a tariff of INR 4.43/kWh.

The acquisition has expanded Torrent Energy’s energy technology fleet, together with initiatives below growth, to 4.6 GW. Renewables account for greater than 1.5 GW of the full.

(INR 10 = USD 0.131/EUR 0.119)

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