The enterprise worth for the deal is round Rs 317 crore.
“Torrent Energy Restricted has entered right into a Securities Buy Settlement with Lightsource India Ltd and Lightsource Renewable Power (India) Ltd for the acquisition of 100 per cent of the share capital and all securities of LREHL Renewables India SPV 1 Non-public Restricted (SPV),” a BSE submitting stated.
The SPV (particular goal automobile) operates a 50 MW solar energy plant, commissioned in April 2018, located in Maharashtra.
It has a long-term energy buy settlement with Photo voltaic Power Company of India Ltd for full capability for a interval of 25 years.
Enterprise worth estimated for this acquisition is round Rs 317 crore, together with the viability hole funding (VGF) receivable. The acquisition is topic to customary situations for transaction closure, it added.
Torrent Energy, a Rs 12,173-crore built-in energy utility of the Rs 20,000-crore Torrent Group, is likely one of the largest corporations within the home energy sector with presence throughout your complete energy worth chain of technology, transmission and distribution.
Torrent Energy at present has an combination put in technology capability of three,879 MW comprising 2,730 MW gas-based capability, 787 MW renewable and 362 MW coal-based capability.
Additional, renewable energy initiatives of 815 MW are beneath improvement.
With the acquisition of the 50 MW solar energy plant, Torrent’s whole technology capability, together with beneath building portfolio, will exceed 4.7 GW with renewable portfolio of greater than 1.6 GW.
Lightsourcebp (LSbp) is a strategic international partnership between Lightsource Renewable Power and British Petroleum.
Lightsource India Ltd is the abroad holding firm, held collectively by LSbp (51 per cent) and UKCI (49 per cent). Lightsource Renewable Power (India) Ltd is a 100 per cent subsidiary of LSbp.
UK Local weather Investments LLP (UKCI) is a three way partnership between the Inexperienced Funding Group and the UK Authorities’s Division for Enterprise, Power and Industrial Technique.
Greenstone Advisors LLP acted as unique monetary advisors to Lightsource India Ltd for this transaction.
(Solely the headline and film of this report might have been reworked by the Enterprise Commonplace workers; the remainder of the content material is auto-generated from a syndicated feed.)