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Torrent Energy completes acquisition of 50 MW listing voltaic energy plant from Lightsource bp, UKCI

Torrent Energy on Friday announced the completion of the acquisition of 50 MW listing voltaic energy plant from Lightsource bp and UKCI for an project price of Rs 300 crore. “Torrent Energy Restricted has, pursuant to Securities Plan terminate Agreement with Lightsource India Ltd and Lightsource Renewable Vitality (India) Ltd, done transaction of acquisition of 100 per cent of the portion capital and all securities of LREHL Renewables India SPV 1 Inner most Ltd (SPV),” a firm assertion stated.

The SPV (particular reason automobile) operates a 50 MW listing voltaic energy plant, commissioned in April 2018, situated in Maharashtra.

It has a prolonged-term Energy Plan terminate Agreement with Say voltaic Vitality Company of India Restricted for fleshy ability for a interval of 25 years at a tariff of Rs 4.43/ kWh.

Essentially based fully mostly on the assertion, project price for this acquisition is round Rs 300 crore along side the VGF (viability hole funding) receivable, consequent to closing adjustments.

Torrent Energy is a leading energy sector agency and has a presence across your entire energy price chain of period, transmission and distribution.

Torrent Energy currently has an mixture save in period ability of 4.1 GW, which consists largely of clear period sources corresponding to fuel (2.7 GW) and renewables (1.0 GW).

It also has a ability of 0.4 GW of renewable vitality vegetation below vogue.

With the acquisition of 50 MW Say voltaic Energy Plant, Torrent Energy’s total period ability, along side below vogue portfolio, will attain 4.6 GW with a renewable portfolio of bigger than 1.5 GW.

Lightsource bp (LSbp) is a strategic global partnership between Lightsource Renewable Vitality and British Petroleum. UK Native weather Investments LLP (UKCI) is a joint project between the Inexperienced Funding Crew and the UK Authorities’s Department for Industry, Vitality and Industrial Scheme.

Lightsource India Restricted is the in one other country keeping firm, held collectively by LSbp and UKCI, wherein LSbp holds 51 per cent stake and UKCI has a 49 per cent stake.

Lightsource Renewable Vitality (India) Restricted is a 100 per cent subsidiary of LsBP.

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