Torrent Power acquires 50MW solar power plant in Maharashtra
Torrent Power has closed the previously announced INR 300 crore acquisition of LREHL Renewables India SPV 1 Private Limited, a special purpose vehicle (SPV) which operates a 50MW solar power plant in Maharashtra.
The SPV was acquired from Lightsource bp and UK Climate Investments (UKCI) as per a deal signed in July 2021.
The acquired solar power plant has been in operation since April 2018. It is underpinned by a 25-year power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) for its full capacity at a tariff of INR 4.43/ kWh.
Following the acquisition of the 50MW solar power plant in Maharashtra, the total generation capacity of Torrent Power, including an under development portfolio, will be 4.6GW with renewable portfolio of more than 1.5GW.