Torrent Power, an integrated power utility of Torrent Group, has paid Rs 163 crore for a 25 MW solar power plant in Gujarat.
The company has entered into a share purchase agreement with Blue Daimond Properties Pvt Ltd and Balrampur Chini Mills Ltd to acquire 100 percent of the equity share capital of Visual Percept Solar Projects Pvt Ltd, a Special Purpose Vehicle (SPV).The SPV operates a 25 MW solar plant in Gujarat.
The SPV has a 25-year long-term power purchase agreement with Gujarat Urja Vikas Nigam for the project.
Torrent Power currently has a total installed generation capacity of 3.9 GW (gigawatt), made up of 2.7 GW of gas-fired power generation and 0.8 GW of renewables.