Torrent Power acquires Visual Percept solar projects for Rs 1.63 billion in Gujarat

Torrent Power Limited has entered into a share purchase agreement with Blue Diamond Properties and Balrampur Chini Mills to acquire 100 per cent of the equity share capital of Visual Percept Solar Projects, a SPV that operates a 25 MW solar power plant in Gujarat. The purchase price is estimated at Rs 1.63 billion. Blue Diamond Properties and Balrampur Chini Mills had 55 per cent and 45 per cent of the SPV’s equity shares, respectively. The SPV has a 25-year PPA with Gujarat Urja Vikas Nigam Limited. The project, which began operations in January 2012, has a feed-in tariff of Rs 15 per kWh for the first 12 years and Rs 5 per kWh thereafter.

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