Torrent Power on Tuesday said it has concluded the transaction to acquire a 25 MW solar power plant for about ₹163 crore. It has acquired 100% stake of Visual Percept Solar Projects Pvt Ltd, a special purpose vehicle (SPV).
“The company has, pursuant to share purchase agreement between Torrent Power, Blue Diamond Properties and Balrampur Chini Mills Ltd, (sellers) and Visual Percept Solar Projects as intimated earlier, completed transaction of acquisition of 100% equity share capital of Visual Percept Solar Projects,” it said in a BSE filing.
While Blue Diamond Properties held 55% stake in Visual Percept, Balrampur Chini Mills held 45%.
The SPV operates 25 MW solar power plant in Gujarat.
Long-term power purchase agreement for the project is with Gujarat Urja Vikas Nigam Ltd for a period of 25 years.
In a February 10 filing, the company had informed that enterprise value for this acquisition is estimated at ₹163 crore, subject to closing price adjustments, if any.
Torrent Power, the integrated power utility of the diversified Torrent Group with group revenues of ₹20,500 crore, is one of the largest companies in the country’s power sector with presence across the entire power value chain of generation, transmission and distribution.
Torrent Power has an aggregate installed generation capacity of about 3.9 GW, which largely consists of clean generation sources such as gas (2.7 GW) and renewables (0.8 GW).
