The solar developer shall utilize the proceeds towards equity funding of the capex for its under-construction renewable projects.
Adani Enterprises, which already controls Mundra Solar PV, has acquired a 74% stake in PV cells and modules manufacturing business Mundra Solar Energy through its subsidiary. The move will bring synergy in the company’s solar manufacturing operations and solidify its position in this space.
The Indian developer has agreed to acquire a 100% interest in SB Energy’s India renewable portfolio for approximately US$3.5 billion (INR 26,000 crore). The assets, totaling 4,954 MW, are spread across four Indian states.
The PV plant—to be set up in Gujarat—will supply power for INR2.22/kWh for 25 years.
The latest addition in Chitrakoot follows the commissioning of a 25 MW solar plant in January this year.
The developer added 825 MW of solar capacity during the fiscal. This, together with 100 MW of new wind, raised the developer’s total operating renewable capacity to 3,470 MW.
Following 75 MW solar assets in Telangana, Adani Green Energy has completed the acquisition of 20 MW PV assets in Uttar Pradesh for INR 133 crore.
The solar capacity—comprising two plants of 50 MW each—were completed ahead of schedule despite adverse conditions amidst Covid-19. The plants benefit from 25-year power purchase agreements with Uttar Pradesh Power Corporation Limited, at INR 3.22/kWh and INR 3.19/kWh, respectively.
The 150 MW solar plant in Kutchh is Adani Green Energy’s third PV commissioning within a month. Its other two solar capacities that became operational since December end include 100 MW at Khirsara, Gujarat, and 25 MW at Chitrakoot in Uttar Pradesh.
The solar plant in Chitrakoot takes Adani Green Energy’s total operational renewable capacity to 2975 MW—a step closer to its vision of 25 GW capacity by 2025.
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