Adani Green Completes Acquisition of 205MW Operating Solar Projects from Essel

Adani Green Energy Ltd (AGEL) has completed the acquisition of 205 MW of operating solar assets from Essel Green Energy Pvt Ltd (EGEPL) and Essel Infraprojects Ltd (EIL). This acquisition marks the company’s first acquisition of operating assets, and these assets are located in the states of Punjab, Karnataka and Uttar Pradesh.

October 01, 2020. By Manu Tayal

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Adani Group’s renewable energy arm Adani Green Energy Ltd (AGEL) has completed the acquisition of 205 MW of operating solar assets from Essel Green Energy Pvt Ltd (EGEPL) and Essel Infraprojects Ltd (EIL).

This acquisition marks the company’s first acquisition of operating assets, and these assets are located in the states of Punjab, Karnataka and Uttar Pradesh.

Commenting on the acquisition, Vneet Jaain, Managing Director & CEO of Adani Green Energy Ltd, said, “the acquisition of 205 MW solar portfolio expands our footprint in states where we already have a presence, and with our strong operational expertise, we will deliver significant value for our shareholders. This is another step towards taking AGEL closer to its targeted footprint of 25 GW of renewable power by 2025.”

Besides, these solar projects have long-term Power Purchase Agreements (PPAs) signed with various state electricity distribution companies.

The company said that, the portfolio is relatively young with average remaining PPA life of approximately 21 years.

Moreover, the acquired assets will be held 100 per cent by Adani Renewable Energy Holding Ten Ltd, a 100 per cent subsidiary of AGEL, it added.

In August last year, the company had announced the execution of definitive agreements for the acquisition of the Essel Portfolio.

Meanwhile, scrips of the company were trading at Rs 727 apiece, down 1.47 per cent, from the previous close on the exchange at 11:32 hours. 

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