Torrent Power has entered into a Share Purchase Agreement (SPA) with SkyPower Southeast Asia III Investments and SkyPower Southeast Asia Holdings 2 (the Sellers) for the acquisition of 100% securities of Sunshakti Solar Power Projects (SPV).
The SPV operates 50 MW Solar Power Project in the state of Telangana. Long-term Power Purchase Agreement (PPA) for the Project is with Northern Power Distribution Company of Telangana (NPDCTL) for a period of 25 years at a fixed tariff of approx. = 5.35 per kWh, with remaining useful life of approx. 20 years. Enterprise Value for this acquisition is approx. Rs 417 crore, subject to Closing Price Adjustments, if any. The acquisition is further subject to customary conditions for transaction closure.
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