Adani Green announced on Thursday (30th Sep 2021) that its wholly-owned subsidiary Adani Renewable Energy had inked definitive agreements with Essel Green Energy for the 100% acquisition of an Essel Green-operated special purpose vehicle (SPV). In Odisha, the SPV owns and operates a 40 MW solar facility.
Adani Green said in a stock exchange filing that the project has a long-term Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) for 4.235 per unit, with a remaining PPA life of around 22 years.
The transaction is subject to usual conditions for completion. The project was purchased at a total cost of Rs 219 crore.
AGEL will now have a total renewable capacity of 19.8 GW as a result of this acquisition. The portfolio consists of 5.4 GW of operational assets, 5.7 GW of assets under development, and 8.7 GW of assets near completion.
Vineet Jain, Managing Director & CEO of Adani Green Energy said, “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.”
On the BSE, Adani Green Energy shares were trading 0.6 percent higher at 1,139.9 per share in the early Thursday trade.
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