Torrent Power to acquire 25 MW solar plant in Gujarat

Publicly listed Torrent Power Limited has entered into a Share Purchase Agreement (SPA) with Blue Diamond Properties Private Limited and Balrampur Chini Mills Limited (the Sellers) for the acquisition of 100% Equity Share Capital of Visual Percept Solar Projects Private Limited (the SPV). The SPV operates 25 MW Solar power in the state of Gujarat. The long-term Power Purchase Agreement (PPA) for the project is with Gujarat Urja Vikas Nigam Limited (GUVNL) for a period of 25 years. The Enterprise Value estimated for this acquisition is INR 163 crore. Currently Blue Diamond Properties Private Limited hold 55% and Balrampur Chini Mills Limited 45% in the SPV.