Adani Green to Buy 75 MW Operating Solar Assets from Sterling & Wilson for about Rs 446 Cr

Adani Group’s renewable energy arm Adani Green Energy Ltd (AGEL) has signed a share purchase agreement (SPA) for the acquisition of a 100 per cent stake in two special purpose vehicles (SPVs) that own 75 MW of operating solar portfolio of Sterling & Wilson Pvt Ltd, a Shapoorji Pallonji group company.

March 24, 2021. By Manu Tayal

Tags:

Just two days after receiving LoA for setting up of 300 MW of wind power projects from SECI, conglomerate Adani Group’s renewable energy arm Adani Green Energy Ltd (AGEL) has signed a share purchase agreement (SPA) for the acquisition of a 100 per cent stake in two special purpose vehicles (SPVs) that own 75 MW of operating solar portfolio of Sterling & Wilson Pvt Ltd, a Shapoorji Pallonji group company.

These projects were commissioned in 2017, and are located in Telangana and have long-term Power Purchase Agreements (PPA) with the Southern Power Distribution Company of Telangana.

Further, the enterprise valuation of these two SPVs is Rs 446 crore. With this acquisition, the company’s operating renewable capacity would increase to 3,470 MW with a total renewable portfolio of 15,240 MW.

However, the closing of the transaction is subject to customary conditions.

Commenting on the deal, Vneet S. Jaain, MD & CEO of Adani Green Energy Ltd, said, “strengthening our portfolio through organic and inorganic growth opportunities is an integral part of our vision to build a capacity of 25 GW by 2025 and become the largest renewables company in the world. We will leverage the strength of our platform and capital management philosophy to achieve operational improvements and value-accretive returns from the project.”

Recently, the company had received the Letter of Award (LOA) to set-up a 300 MW of wind power project from state-owned SECI, in response to the tender issued for setting up of 1,200 MW ISTS-connected wind power project (Tranche-X), at a fixed tariff of Rs 2.77/kWh for 25 years.

Please share! Email Buffer Digg Facebook Google LinkedIn Pinterest Reddit Twitter
If you want to cooperate with us and would like to reuse some of our content,
please contact: contact@energetica-india.net.
 
 
 
Next events

 

Last interview
 
 
Privacy Policy (PDF) / Terms and conditions (PDF)
 Energetica India is a publication from Editorial Omnimedia. No reproduction in whole or part of content posted on this website.