India adds 13.5 GW renewable energy capacity in 2021-22; Torrent Power buys 50 MW solar power plant from SkyPower Group

India added 13.5 gigawatts (GW) of renewable energy capacity in 2021-22, which is 128 percent higher than that in 2020-21, said renewables-focused consulting company BRIDGE TO INDIA in a statement.

Of the total added capacity, India added 10.21 GW of utility scale solar capacity, 1.11 GW of wind power and 2.22 GW of rooftop solar capacity in FY 2021-22.

Among the states, Rajasthan with 5,806 MW and Gujarat with 2,469 MW added the highest capacity in these 12 months, accounting for 61 percent of total capacity addition.

The total renewable sector capacity, excluding small hydro and biomass has now reached 96,223 MW.

The share of the total renewable power in generation (excluding large-hydro) in FY2022 also reached a high of 12.82 percent (10 percent in FY 2021).

Meanwhile, Gujarat-based Torrent Power Ltd has entered into a Share Purchase Agreement (SPA) with SkyPower Southeast Asia III Investments Ltd and SkyPower Southeast Asia Holdings 2 Ltd to acquire Sunshakti Solar Power Projects Private Ltd – a special purpose vehicle (SPV).

The SPA is for the acquisition of 100 percent securities of the SPV, which operates 50 Megawatts (MW) of solar power project in Telangana. The approximate enterprise value of Torrent Power’s acquisition is pegged at Rs 417 crore, which is subject to Closing Price Adjustments, if any.

The acquisition is further subject to customary conditions for transaction closure, the company said in a statement.

There is a long-term Power Purchase Agreement (PPA) signed for the project with Northern Power Distribution Company of Telangana Limited (NPDCTL) for a period of 25 years at a fixed tariff of approximately Rs5.35 per kWh.

Torrent Power currently has an aggregate installed generation capacity of about 4.1 gigawatts (GW), which consists largely of clean generation sources such as gas (2.7 GW) and renewables (1.0 GW). It also has a capacity of 0.4 GW of renewable energy plants under development. With the acquisition of 50 MW Solar Power Plant, Torrent Power’s total generation capacity, including under development portfolio, will reach 4.6 GW with renewable portfolio of more than 1.5 GW, said Torrent Power.

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