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<p><a href="https://www.torrentpower.com/index.php/site/indexs" target="_blank" rel="noopener">Torrent Power</a> Limited, a Gujarat-based power company, has signed a share purchase agreement to acquire a 100% stake in the special purpose vehicle (SPV) operating a 50 MW solar project in Telangana.</p>
<p>The agreement was signed with SkyPower Southeast Asia III investments and SkyPower Southeast Asia Holdings 2, which own the SPV &#8211; Sunshakti Solar Power Projects.</p>
<p>The estimated cost of the acquisition is ₹4.17 billion (~$54.41 million).</p>
<p>The SPV operating the 50 MW solar project in Telangana has a long-term power purchase agreement (PPA) with the Northern Power Distribution Company of Telangana Limited for 25 years at a fixed tariff of ₹5.35 (~$0.07)/kWh, with remaining useful life of about 20 years.</p>
<p>With this acquisition, the cumulative installed power capacity of Torrent Power, including the under-development projects, will reach ~4.6 GW, of which the renewable portfolio is over 1.5 GW.</p>
<p>In the third quarter (Q3) of the financial year (FY) 2021, the company <a href="https://mercomindia.com/torrent-powers-revenue-16-yoy-9m-fy-2022/" target="_blank" rel="noopener">recorded</a> a revenue of ₹37.67 billion (~$503.39 million) from operations, up by 28% compared to ₹29.53 billion (~$394.62 million) in the same period last year. The earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹10 billion (~$133.63 million) in Q3 FY 2022, increasing by 10% compared to ₹9.08 billion (~$121.34 million) in Q3 FY 2021.</p>
<p>Torrent Power has been making significant acquisitions recently to align with the government of India’s proposal of privatizing the distribution companies (DISCOMs) to better the latter’s performance. The integrated power utility of Torrent Group has revenues of about $2.7 billion and a market capitalization of $10 billion.</p>
<p>Last month, Torrent Power <a href="https://mercomindia.com/torrent-acquires-stake-in-dadra-nagar-haveli-daman-diu-discom/" target="_blank" rel="noopener">announced</a> the acquisition of 51% equity share capital in Dadra and Nagar Haveli and Daman and Diu (DNH&amp;DD) power distribution corporation. Torrent was the highest bidder in the auction held to acquire a controlling stake in the union territory’s DISCOM.</p>
<p>The company has also acquired Surat Electricity Company and The Ahmedabad Electricity Company.</p>
<p>In February, the Gujarat-based power company <a href="https://mercomindia.com/torrent-acquires-25-mw-solar-project-gujarat/" target="_blank" rel="noopener">entered</a> into a share purchase agreement with Blue Diamond Properties and Balrampur Chini Mills to acquire 100% equity share capital of Visual Percept Solar Projects, an SPV. The estimated value of the acquisition was ₹1.63 billion (~$21.71 million).</p>
<p>For more reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
</div>
<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Torrent Power Acquires a 50 MW Solar Project in Telangana for ₹4.17 Billion

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