Torrent Power acquires 50 MW Solar Power Plant from SkyPower Group

Torrent Power acquires 50 MW Solar Power Plant from SkyPower Group

by admin- Monday, April 25th, 2022 04:51:05 PM

Torrent Power entered into a Share Purchase Agreement (SPA) with SkyPower Southeast Asia III Investments Ltd and SkyPower Southeast Asia
Holdings 2 Limited (the Sellers) for the purchase of 100% securities of Sunshakti Solar Power Projects Pvt Ltd (the SPV). The SPV operates 50 MW Solar Power Project in the nation of Telangana. Long-term Power Purchase Agreement (PPA) for the Project is with Northern Power Distribution Company of Telangana Limited (NPDCTL) for a period of 25 years at a set tariff of approx. Rs. Five.35 according to kWh, with final useful existence of approx. Twenty years. Enterprise Value for this acquisition is approx. Rs. 417 Cr, challenge to Closing Price Adjustments, if any. The acquisition is in addition subject to standard conditions for
transaction closure.

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