Following an agreement last year, Adani Green Energy has completed the acquisition of 205 MW operating solar assets from debt-laden Essel Group.
In August 2019, Essel Group had signed an agreement with Adani Green Energy to sell these assets of Essel Green Energy and Essel Infraprojects for INR 1300 crore. The assets belong to 10 solar firms incorporated between 2012 and 2016, and are spread across three states of Punjab, Karnataka and Uttar Pradesh.
The target portfolio is Adani’s first acquisition of operating assets. The assets have various state-owned DISCOMs as off-takers with average remaining PPA life of around 21 years.
The acquired assets will be 100% owned by Adani Renewable Energy Holding Ten Limited, a wholly-owned subsidiary of AGEL.
In a press statement issued today, Vneet Jaain, managing director and CEO of Adani Green Energy, 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.”
Adani Green Energy Limited, a part of the Adani Group, has 14 GW of operating, under-construction and awarded renewable power projects catering to investment-grade counterparties. The company aims to achieve 25 GW of renewable power by 2025.
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