Torrent Power Limited has acquired 100% stake in Lightsource Renewable Energy (India) Limited for Rs 300 crore. Lightsource Renewable operates a 50 MW solar power plant in the state of Maharashtra.
It has a long-term Power Purchase Agreement (PPA) with Solar Energy Corporation of India Limited for full capacity for a period of 25 years at a tariff of Rs. 4.43/ kWh.
“With the acquisition of 50 MW Solar Power Plant, Torrent Power’s total generation capacity, including under development portfolio, will reach 4.6 GW with a renewable portfolio of more than 1.5 GW,” said Torrent Power in a statement.
Torrent Power is the integrated power utility of the diversified Torrent Group with group revenues of Rs. 20,500 crore. It has presence across the entire power value chain of generation, transmission and distribution with 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.
Lightsourcebp (LSbp) is a strategic global partnership between Lightsource Renewable Energy and British Petroleum. UK Climate Investments LLP (UKCI) is a joint venture between the Green Investment Group and the UK Government’s Department for Business, Energy and Industrial Strategy.
Lightsource India Limited is the overseas holding company, held jointly by LSbp (51%) and UKCI (49%). Lightsource Renewable Energy (India) Limited is a 100% subsidiary of LsBP.