Debt-laden Essel Group has signed an agreement with Adani Green Energy to sell 205 MW operating solar assets of Essel Green Energy and Essel Infraprojects for Rs 1300 crore. The assets belong to 10 solar firms incorporated between 2012 and 2016, and are spread across 3 states of Karnataka, Uttar Pradesh and Punjab.
The target portfolio is Adani’s first acquisition of operating assets. The assets have various state-owned DISCOMs as offtakers with average remaining PPA life of around 22 years.
Speaking about the acquisition, Adani Green Energy CEO Jayant Parimal said, “The acquisition of 205 MW of operating solar assets strengthens Adani Green Energy’s position as one of India’s premier renewable power producers, with a total portfolio of 5.5 GW, of which 2.5 GW is operational, and the remaining is to be operationalised over the next 2 years.”
“This is our first brownfield acquisition of operating assets. It expands our footprint in states where we already have a presence, and with our strong operational expertise, will deliver significant value for our shareholders. We remain focused on opportunities that help us create value for shareholders, as well as facilitate the growth of environment-friendly green power in India,” he added.
Adani Green Energy expects the acquisition to complete by mid October. Post completion of the acquisition, its renewable generation portfolio in India shall stand at 5.50 GWac with 2.43 GWac operational projects and balance 3.07 GWac in development stage.
The Essel Group companies under transaction included Essel Bagalkot Solar Energy, Essel Gulbarga Solar, Essel Urja, KN Bijapura Solar Energy, KN Indi Vijayapura Solar Energy, KN Muddebihal Solar Energy, KN Sindagi Solar Energy, PN Clean Energy, PN Renewable Energy and TN Urja.
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