This acquisition contributes to Torrent’s focus on sustainable growth via renewable power. With the acquisition of fifty MW Solar Power Plant, Torrent Power’s total generation capability, together with beneath improvement portfolio, will attain to ~4.6 GW with renewable portfolio of greater than ~1.5 GW, Torrent Power said in a statement. With the acquisition of 50 MW Solar Power Plant, Torrent Power’s total era capability, including under improvement portfolio, will attain 4.6 GW with a renewable portfolio of greater than 1.5 GW. Torrent Power Limited on Friday announced completion of a Rs 300 crore acquisition of a 50 Mw solar energy plant run by the special purpose automobile held jointly by Lightsource Renewable Energy, British Petroleum and UK Climate Investments LLP .
Lightsource bp is a strategic world partnership between Lightsource Renewable Energy and British Petroleum. UK Climate Investments LLP is a three method partnership between the Green Investment Group and the UK Government’s Department for Business, Energy and Industrial Strategy. I even have read Privacy Policy and Terms & Conditions and agree to obtain newsletters and different communications on this e-mail ID. NamePurpose Daily NewsletterReceive day by day record of important newsPromo MailersReceive details about events, trade, and so on. Due to a deliberate power outage on Friday, 1/14, between 8am-1pm PST, some companies may be impacted.
In a bid to expand its low-power IoT hardware portfolio, Trondheim-headquartered Nordic Semiconductor has debuted its first Wi-Fi chip, called the nRF7002. Solar PV equipment maker Torrent Power Ltd informed that it has entered into a Share Purchase Agreement with SkyPower Southeast Asia III Investments Ltd and SkyPower Southeast Asia Holdings 2 Ltd to acquire Sunshakti Solar Power Projects Private Ltd – a special objective automobile. The Indian market is likely to open decrease at present as SGX Nifty fell 87 factors to 15,691. On Monday, Sensex crashed 1,456 points to fifty two,846 and Nifty declined 427 points to fifteen,774 in the first buying and selling session of this week. New Delhi, Feb 8 Torrent Power on Tuesday said it has acquired a Letter of Intent to accumulate 51 per cent fairness stake in Dadra and Nagar Haveli and Daman/and Diu Power Distribution Corporation Ltd.
It added that the long-term power buy settlement is with Northern Power Distribution Company of Telangana for a interval of 25 years at a fixed tariff of Rs 5.35 per unit, with the remaining useful lifetime of about 20 years. This acquisition helps Torrent’s focus area of sustainable progress by way of renewable vitality. Norway’s Climate Investment Fund has just lately signed an settlement to take a forty nine per cent stake in a 420 MW solar energy plant… The SPA is for the acquisition of a hundred per cent securities of the SPV, which operates 50 Megawatts of solar power project in Telangana. The SPV operates a 50 MW solar energy plant, commissioned in April 2018, situated in Maharashtra. Torrent Power Limited has acquired one hundred per cent equity share capital in Wind Two Renergy Private Limited for Rs 325.1 million from Inox Green Energy Services Limited.
Earning, Before, Interest, Tax, Depreciation and Amortisation rose fifty three per cent to Rs 1,169 crore at the finish of June quarter 2023 as compared to Rs 764 crore posted in Q1FY22. Total income elevated in this quarter from renewable generation to greater PLF because of the latest acquisition and profit from the trading of LNG, as per the company’s reason. Surya Vidyut operates 156 MW Wind energy vegetation , spread across the states of Gujarat, Rajasthan and Madhya Pradesh.
Reproduction of news articles, pictures, videos or another content in complete or partly in any type or medium with out categorical writtern permission of moneycontrol.com is prohibited. Lightsource India Ltd is the abroad holding firm, held jointly by LSbp and UKCI . Lightsourcebp is a strategic international partnership between Lightsource Renewable Energy and British Petroleum. Torrent Power knowledgeable that the enterprise worth for the acquisition is approximately ₹417 crore, which is subject to Closing Price Adjustments, if any.
The electricity generated from the project is equipped under a 25-year Power Purchase Agreement with PTC India Limited. Torrent Power at present has an aggregate installed era capability of 3,879 MW comprising 2,730 MW gas-based capacity, 787 MW renewable and 362 MW coal-based capability. Torrent Power, a Rs 12,173-crore integrated power utility of the Rs 20,000-crore Torrent Group, is amongst the largest firms in the home power sector with presence across the whole power value chain of generation, transmission and distribution. Torrent Power at present has an mixture put in generation capacity of 4.1 GW, which consists largely of clean era sources corresponding to fuel (2.7 GW) and renewables (1.0 GW). “Torrent Power Ltd has, pursuant to Securities Purchase Agreement with Lightsource India Ltd and Lightsource Renewable Energy Ltd, completed transaction of acquisition of a hundred per cent of the share capital and all securities of LREHL Renewables India SPV 1 Private Ltd ,” an organization statement said. 20,500 crore, is likely one of the largest corporations within the country’s power sector with presence throughout the whole energy value chain of era, transmission and distribution.
Torrent Power has an installed technology capability of four.1 GW and likewise has a capability of 0.5 GW of renewable power vegetation underneath development. With the acquisition of fifty MW Solar Power Plant, Torrent Power’s complete era capability, together with under growth portfolio, will attain to ~4.6 GW with renewable portfolio of more than ~1.5 GW, Torrent Power stated in a press release. Torrent Power introduced the acquisition of a a hundred per cent stake in Wind Two Renergy Private Limited from Inox Green Energy Services for Rs 325.1 million. The firm purchased 32,510,000 fairness shares of WTRPL at a face worth of Rs 10 every.
Private fairness corporations Bain Capital and Advent International want to exit Quest Global Services, six years after investing in the engineering outsourcing agency, stated people aware of the matter. Torrent Power Ltd on Saturday informed that it has entered into a Share Purchase Agreement with SkyPower Southeast Asia III Investments Ltd and SkyPower Southeast Asia Holdings 2 Ltd to acquire 50 cent power torrent Sunshakti Solar Power Projects Private Ltd – a special objective vehicle. According to the assertion, enterprise worth for this acquisition is around ₹300 crore including the VGF receivable, consequent to closing adjustments.
Five states, together with Madhya Pradesh, Jammu & Kashmir and Rajasthan, remained suspended from trading on energy exchanges till press time on Friday. The present dues of Jammu and Kashmir are the very best at ₹435 crore, followed by Madhya Pradesh at ₹234 crore. Business Standard has always strived onerous to offer up-to-date data and commentary on developments which might be of interest to you and have wider political and financial implications for the country and the world. Your encouragement and constant feedback on tips on how to improve our offering have solely made our resolve and commitment to these beliefs stronger. Even during these tough instances arising out of Covid-19, we continue to remain dedicated to preserving you knowledgeable and updated with credible news, authoritative views and incisive commentary on topical problems with relevance. Curated newsletters on markets, private finance, coverage & politics, start-ups, technology, and extra.