Adani Green to buy Essel’s 40 MW solar assets in Odisha


Adani Green Energy Ltd, which acquired 205 MW PV assets from Essel Group last year, has agreed to buy another 40 MW operational solar assets from the debt-laden company for INR 219 crore.

The company, through its arm Adani Renewable Energy (MH) Limited, has signed the agreement with Essel Green Energy to acquire a 100% stake in Vento Energy Infra, a special-purpose vehicle that owns the 40 MW operating solar project in Odisha.

The 40 MW solar project benefits from a long-term power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) at a tariff of INR 4.235/kWh. It has remaining PPA life of about 22 years.

The acquisition expands Adani Green’s footprint across 12 states in India with a total renewable capacity of 19.8 GW. The total portfolio includes 5.4 GW operational assets, 5.7 GW assets under construction, and 8.7 GW near construction assets.

The transaction is expected to be completed by September 30, 2022.

Speaking about the acquisition, Vneet Jaain, managing director and chief executive officer of Adani Green Energy Ltd, said,” 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. With the acquisition of this project in Odisha, AGEL will now have its footprint across 12 states in India. We are on an expansion path that will make us the world’s largest renewable player by 2030.”

Adani Green Energy Limited, a part of Adani Group, has one of the world’s largest renewable portfolios, with locked-in growth of 19.8 GW across operational, under-construction, awarded and acquired assets, catering to investment-grade counterparties. The company develops, builds, owns, operates, and maintains utility-scale grid-connected solar and wind farm projects.

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