Adani Green Eyes Essel’s Solar Assets Worth 480 MW

After selling 205 megawatt (MW) of its operational solar energy portfolio to the Adani Group, the Essel Group has announced that it has reached an agreement to sell the enduring 480 MW — currently under construction — to Adani Green Energy, two people with direct familiarity of the development said.

The Adani Group has agreed in principle to buy out the lingering portfolio, one of the people said.

“Adani Green is big on renewable power and has over 5.5 GW of portfolio with almost half of it already operational. After acquiring Essel Group’s solar assets in Punjab, Karnataka and Uttar Pradesh, they have agreed to buy the remaining assets too, once Essel Group operationalizes them,” he added.

Adani Group had signed an agreement in August this year to acquire the 205 MW of operational solar assets for Rs 1,300 crore. Essel Group’s total solar energy portfolio consists of 685 MW of installed and under-construction projects. At the time of deal, Essel Group said it was also in talks to sell the remaining assets.

The sale of solar energy assets was part of Essel Group promoters’ complete divestment process to reduce debt and repay lenders.