- Torrent Power will buy a 50MW solar plant in India.
- The company is set to pay $43m for the plant.
- The plant has a 25-year PPA with Solar Energy Corporation of India.
The Indian power company Torrent Power has signed a deal to acquire the special purpose vehicle (SPV), Lightsource India, that owns the 50MW solar power plant in Maharashtra. Torrent Power will pay INR 3.17 billion ($43m) to purchase the power plant. The solar plant has a 25-year power purchase agreement (PPA) with the Solar Energy Corporation of India Ltd.
Lightsource India is a joint venture between Lightsource BP and UK Climate Investments LLP, co-owned by the Green Investment Group and the UK government’s Department for Business, Energy and Industrial Strategy (BEIS). This acquisition will see Torrent’s total clean energy generation capacity increase (including under-construction projects) to about1.6GW.