Gujarat: Torrent Power acquired a 25-megawatt solar plant for Rs 163 crore

Torrent Power, the Torrent Group's integrated power provider, has purchased a 25 MW solar power facility in Gujarat for Rs 163 crore.

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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). In Gujarat, the SPV operates a 25-megawatt solar project.

The SPV has a 25-year long-term power purchase agreement with Gujarat Urja Vikas Nigam for the project. Torrent Power presently has a 3.9 GW (gigawatt) installed generation capacity, with 2.7 GW of gas-fired power generation and 0.8 GW of renewables.