Torrent Power to acquire 50MW solar power plant in Telangana for Rs 417cr

Torrent Power has agreed to acquire an operating 50MW solar power plant in the Indian state of Telangana for INR 417 crores.

For this, the Indian energy and power company has signed a share purchase agreement (SPA) with SkyPower Southeast Asia III Investments and SkyPower Southeast Asia Holdings 2 Limited for acquiring 100% of Sunshakti Solar Power Projects Private Limited, the holding company for the solar power plant in Telangana.

Torrent Power to acquire 50MW solar power plant in Telangana for Rs 417cr. Photo courtesy of Jukka Niittymaa from Pixabay.

The Telangana solar power project is underpinned by a 25-year power purchase agreement (PPA) with Northern Power Distribution Company of Telangana Limited (NPDCTL). The fixed tariff for the same is around INR 5.35 per kWh, with remaining useful life of nearly 20 years.

The closing of the deal is subject to customary conditions.