Adani Green Energy Obtains 100% Stake in Karnataka’s Kodangal Solar Parks

Adani Green Energy has announced the acquirement of a 51 per cent equity share capital in Kodangal Solar Parks Private Limited (KSPPL), including a 20 MW solar project which was integrated back in August 2015.

In a filing to the Securities and Exchange Board of India (SEBI), Adani Renewables declared that it has obtained the enduring equity stake in the solar project from FS India Devco Private Limited.

“KSPPL stake is obtained with an object of consolidating the company’s interest in KSPPL and within the overall objective of the company. With this acquirement, KSPPL has become wholly-owned subsidiary of the company,” the company affirmed in the filing.

According to the document, the amount paid by Adani Green for the acquisition of the 107,100 equity shares is Rs.158.04 ($2.24) per share, which totals to roughly Rs.16.9 million ($239,000). The project is located in Bagewadi, Bijapur district in Karnataka, and will provide power to the Bangalore Electricity Supply Company (BESCOM) at a tariff of Rs. 5.48/kWh ($0.077/kWh) for a tenure of 25 years.

Earlier, Adani Green Energy had obtained 49 per cent stake in Kodangal Solar Park on March 22, 2018. Consequently, KSPPL had became a joint venture of the company.