Torrent Power Limited (NSEI:TORNTPOWER) signed an agreement to acquire 50 MW solar power plant in Maharashtra from Lightsource India Limited and Lightsource Renewable Energy (India) Limited on July 31, 2021. The enterprise value of LR EHL Renewables India SPV 1 Private Limited, which holds the asset, includes VGF receivable of INR 98 million. The asset generated a turnover of INR 420 million in 2020.

The acquisition is subject to customary closing conditions. The transaction is expected to be completed in 60 days from the date of signing of the agreement. Greenstone Advisors LLP acted as exclusive Financial Advisor to Lightsource India Limited for this transaction.

Ananya Sharma and Shriram Shah of AZB & Partners acted as legal advisors to Lightsource India Limited and Lightsource Renewable Energy (India) Limited.