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New Delhi:
Torrent Energy Restricted has entered right into a share buy settlement (SPA) with SkyPower Southeast Asia III Investments Restricted and SkyPower Southeast Asia Holdings 2 Restricted for the acquisition of 100% securities of Sunshakti Photo voltaic Energy Tasks Personal Restricted.Sunshakti Photo voltaic Energy Tasks Personal Restricted which is a particular function automobile, operates 50 MW solar energy venture within the state of Telangana. Lengthy-term Energy Buy Settlement (PPA) for the Undertaking is with Northern Energy Distribution Firm of Telangana Restricted (NPDCTL) for a interval of 25 years at a hard and fast tariff of approx. Rs 5.35 per kWh, with remaining helpful lifetime of approx 20 years.
Enterprise Worth for this acquisition is approx. Rs 417 crore topic to closing worth changes, if any. The acquisition is additional topic to customary circumstances for transaction closure.
Torrent Energy at the moment has an mixture put in technology capability of 4.1 GW, which consists largely of unpolluted technology sources resembling gasoline (2.7 GW) and renewables (1.0 GW). It additionally has a capability of 0.4 GW of renewable power crops below improvement. With the acquisition of fifty MW solar energy plant, Torrent Energy’s complete technology capability, together with below improvement portfolio, will attain 4.6 GW with a renewable portfolio of greater than 1.5 GW.
Torrent Energy, the built-in energy utility of the diversified Torrent Group with group revenues of Rs 20,500 crore and market cap of approx. Rs 75,000 crore, is among the largest firms within the nation’s energy sector with presence throughout your entire energy worth chain of technology, transmission and distribution.
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