Private Equity

Liquidity Events

Torrent Power to acquire Maharashtra solar plant from Lightsource for Rs.317-Cr

Press Release   BSE Disclosure  

Ahmedabad-based, publicly listed Torrent Power Ltd is to acquire 100% of the share capital and securities of New Delhi-based LREHL Renewables India SPV 1 Pvt Ltd, a special purpose vehicle, from Lightsource India Ltd and Lightsource Renewable Energy (India) Ltd. The SPV operates a 50 MW solar power plant in Maharashtra, commissioned in April 2018, and has a 25-year power purchase agreement with Solar Energy Corporation of India Ltd (SECI) for full capacity. The enterprise value estimated for the acquisition is around INR 317 crore in cash including the viability gap funding receivable from SECI of INR 9.8 crore. The SPV had an FY20 turnover of about INR 42.01 crore. Greenstone Advisors acted as exclusive financial advisors to Lightsource India for this transaction. Lightsource India Ltd is an overseas holding company, held jointly by Lightsource bp (51%) and UK Climate Investments LLP (49%). Lightsource Renewable Energy (India) is a 100% subsidiary of LsBP.