Torrent Power completes transaction of acquisition of 100% stake in SPV - Visual Percept Solar Projects

16 Feb 2022 , 10:47 AM

Torrent Power Limited has completed the transaction of acquisition of 100% stake in special purpose vehicle (SPV) Visual Percept Solar Projects. The acquisition was as per the Share Purchase Agreement between Torrent Power, Blue Daimond Properties, and Balrampur Chini Mills.

“The company has, pursuant to Share Purchase Agreement (informed on February 10, 2022) between Torrent Power Limited, Blue Daimond Properties Private Limited and Balrampur Chini Mills Limited, (the Sellers) and Visual Percept Solar Projects Private Limited (SPV) as intimated earlier, completed transaction of acquisition of 100% Equity Share Capital of Visual Percept Solar Projects Private Limited,” company said in a filing on Tuesday.

The SPV operates 25 MW Solar power in the state of Gujarat. Long-term Power Purchase Agreement (PPA) for the Project is with Gujarat Urja Vikas Nigam l.imited (GUVNL) for a period of 25 years.

Enterprise Value estimated for this acquisition is Rs163 crore, subject to Closing Price Adjustments, if any. The acquisition is further subject to customary conditions for transaction closure.

At around 10.45 am, Torrent Power Ltd was trading at Rs478.50 per share down by Rs3.85 or 0.8% from its previous closing of Rs482.35 per share on the BSE.