Torrent Power Acquires SkyPower’s 50 MW Solar Plant for Rs. 416 Crore
Torrent Power Ltd., the Gujarat-based power distribution company, has acquired SkyPower Group’s 50 MW solar power plant in Telangana for a sum of Rs. 416 crore. Torrent power announced this acquisition in a stock filing dated 13th June 2022.
This solar power plant was incorporated as an SPV under the name of Sunshakti Solar Power Projects Private Limited and has Power Purchase Agreement with Northern Power Distribution Company of Telangana Limited (NPDCTL) for 25 years at a fixed tariff of about Rs 5.35 per KWh (Kilowatt-hour). Torrent Power has acquired 100% of the assets of Sunshakti Solar Power Projects Pvt. Ltd.
After this acquisition, Torrent Power’s portfolio comprises 4.7 GW of generational capacity, including projects under development, out of which Renewable Energy’s share is about 1.6 GW.