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NEW DELHI: Torrent Power Ltd. has singed a share purchase agreement with SkyPower Southeast Asia III Investments Ltd. and SkyPower Southeast Asia Holdings 2 Ltd. to acquire Sunshakti Solar Power Projects Private Ltd (SPV).

The SPV operates a 50-megawatt (MW) solar power project in Telangana.

"Enterprise value for this acquisition is approximately 417 crore, subject to closing price adjustments, if any," Torrent Power said in a statement.

It has long-term power purchase agreement with Northern Power Distribution Company of Telangana Ltd. for a period of 25 years at a fixed tariff of about 5.35 per kWh, with remaining useful life of about 20 years, the company added.

The acquisition is subject to customary conditions for transaction closure.

Torrent Power, the integrated power utility of the diversified Torrent Group with group revenues of 20,500 crore, is among the largest companies in the country’s power sector with presence across the entire power value chain of generation, transmission and distribution.

Torrent Power currently has an aggregate installed generation capacity of 4.1 GW, which consists largely of clean generation sources such as gas (2.7 GW) and renewables (1.0 GW). It also has a capacity of 0.4 GW of renewable energy plants under development. With the latest acquisition, Torrent Power’s total generation capacity, including under development portfolio, will touch 4.6 GW with a renewable portfolio of more than 1.5 GW.

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