Torrent Power to acquire 50MW solar power plant in Maharashtra

Torrent Power Limited has agreed to acquire LREHL Renewables India SPV 1 Private Limited, the holding company of an operating 50MW solar power plant in Maharashtra for nearly INR 317 crores.

The sellers of the solar power project are Lightsource India Limited and Lightsource Renewable Energy (India) Limited.

The Lightsource solar power plant was commissioned in April 2018 and is underpinned by a long-term power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) at a tariff of around INR 4.43/ kWh. Additionally, the plant is eligible to receive Viability Gap Funding (VGF) support of around INR 9.80 crores.

Torrent Power said that the acquisition supports its focus area of sustainable growth via renewable energy.