Torrent Power to buy LREHL Renewables SPV at 3.2-bln-rupee valuation

BY A STAFF REPORTER: 
Following are key excerpts from an exchange filing by Torrent Power Ltd today:

* The company will buy 100% stake and all securities of 50 MW capacity LREHL Renewables India SPV 1 Pvt Ltd from Lightsource India Ltd and Lightsource Renewable Energy (India) Ltd for an enterprise value of 3.17 bln rupees

* LREHL Renewables SPV is a 50-MW capacity solar project in Maharashtra that has a long-term power purchase agreement with Solar Energy Corporation of India Ltd at a tariff of 4.43 rupees per kWh, and it is also eligible to receive support of 98 mln rupees under the Viability Gap Funding scheme

* The acquisition supports the company's focus area of sustainable growth through renewable energy

* The acquisition is expected to be completed within 60 days

Source : Eureka

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