Torrent Power to acquire 25MW solar power plant in Gujarat for Rs 163cr
Torrent Power has agreed to acquire Visual Percept Solar Projects, the holding company for a 25MW solar power plant in Gujarat, from Blue Daimond Properties and Balrampur Chini Mills for a sum of around INR 163 crores.
Blue Daimond Properties has a 55% stake, while Balrampur Chini Mills has the remaining 45% stake in Visual Percept Solar Projects. Balrampur Chini Mills said that it will be paid INR 73.18 crores for the sale of its stake.
The solar power plant of Visual Percept Solar Projects is underpinned by a 25-year power purchase agreement (PPA) with Gujarat Urja Vikas Nigam Limited (GUVNL).
The closing of the acquisition is subject to satisfying customary conditions.
Torrent Power, which is the power utility business of Torrent Group, has an installed generation capacity of around 3.9GW so far.