Torrent Power completes acquisition of 50 MW Indian solar project from Lightsource

Torrent Power Ltd has closed the deal in acquiring a 50 MW solar photovoltaic project in the state of Maharashtra in India for a total consideration of INR3.17 billion (US$42.65 million). 

The deal was closed with Lightsource India Ltd and Lightsource Renewable Energy India Ltd through the 100% share purchase agreement of LREHL Renewables India SPV 1 Private Limited (SPV). Lightsource India is a joint venture between Lightsource BP and UK Climate Investments LLP (UKC), an investment venture owned by Green Investment Group and the UK government's Department for Business, Energy and Industrial Strategy (BEIS).

The solar project has been in operation since April 2018. It has a 25-year power purchase agreement (PPA) with the Solar Energy Corporation of India Ltd at a tariff of INR4.43/kWh (US$58.22 per MWh).