Torrent Power acquires 25 MW solar power plant for Rs 163 crore in Gujarat

Domestic energy and power company Torrent Power on Thursday announced entering into a Share Purchase Agreement (SPA) with Blue Daimond Properties and Balrampur Chini Mills for the acquisition of 100 per cent equity share capital of Visual Percept Solar Projects Private Limited (SPV) that operates 25 MW of solar power project in Gujarat for an estimated enterprise value of Rs 163 crore.

Torrent Power, in a regulatory filing, said, "Long-term Power Purchase Agreement (PPA) for the project is with Gujarat Urja Vikas Nigam Limited (GUVNL) for 25 years."

Currently, the equity shares of Visual Percept Solar Projects are held by Blue Daimond Properties Private Limited (55 per cent) and Balrampur Chini Mills Limited (45 per cent).

"Torrent Power currently has an aggregate installed generation capacity of about 3.9 GigaWatt (GW), which consists largely of clean generation sources such as gas (2.7 GW) and renewables (0.8 GW). The company also has a capacity of 0.7 GW of renewable energy plants under advanced stage of acquisition or under development, with which its renewable portfolio will increase to over 1.5 GW and its total capacity rise to about 4.6 GW," the statement added.

Meanwhile, Torrent Power, earlier this week, had stated that it has received a Letter of Intent (LoI) to acquire a 51 per cent equity stake in Dadra and Nagar Haveli and Daman/and Diu Power Distribution Corporation Ltd.

"The Electricity Department, UT Administration of Dadar & Nagar Haveli and Daman & Diu have issued a Letter of Intent dated February 07, 2022, to the company for selecting the company, pursuant to its bid, to purchase 51 per cent shares in Dadra and Nagar Haveli and Daman / and Diu Power Distribution Corporation Ltd...," Torrent Power mentioned in another regulatory filing.

Torrent Power is to be incorporated for holding assets of the Electricity Department, Daman and Diu and DNH Power Distribution Corporation related to the electricity distribution business and will be responsible for distribution and retail supply of electricity. It will also hold distribution licenses in the Union Territory of Dadra and Nagar Haveli and Daman and Diu.