Torrent Power rises on completing acquisition of 50 MW Solar Power Plant from SkyPower Group
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Torrent Power is currently trading at Rs. 462.50, up by 5.90 points or 1.29% from its previous closing of Rs. 456.60 on the BSE.
The scrip opened at Rs. 455.25 and has touched a high and low of Rs. 464.75 and Rs. 455.25 respectively. So far 11824 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 606.05 on 15-Dec-2021 and a 52 week low of Rs. 416.00 on 19-May-2022.
Last one week high and low of the scrip stood at Rs. 468.80 and Rs. 448.00 respectively. The current market cap of the company is Rs. 22158.84 crore.
The promoters holding in the company stood at 53.57%, while Institutions and Non-Institutions held 29.24% and 17.20% respectively.
Torrent Power has, pursuant to Securities Purchase Agreement (SPA) with SkyPower Southeast Asia Ill Investments and SkyPower Southeast Asia Holdings 2 (the Sellers) and Sunshakti Solar Power Projects (SPV), completed transaction of acquisition of 100% securities of the SPV. The SPV operates 50 MW Solar Power Plant 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 approximately Rs 5.35 per kWh, with remaining useful life of approximately 20 years.
Enterprise Value for this acquisition is approximately Rs 416 crore, consequent to closing adjustments. With the acquisition of 50 MW Solar Power Plant, Torrent Power's total generation capacity, including under development portfolio, will reach to 4.7 GW with renewable portfolio of more than 1.6 GW.
Torrent Power is an integrated utility engaged in the business of power generation, transmission and distribution with operations in the states of Gujarat, Maharashtra and Uttar Pradesh.
