Adani Green Energy reported that it has signed definitive agreements with SkyPower Global, headquartered in Toronto, to acquire a 100 percent stake in a special purpose vehicle (SPV). Which owns 50 MW operational solar assets in Telangana.
The project, which Adani has signed definitive agreements, is located in Telangana. That was commissioned in October 2017 and has a long-term Power Purchase Agreement (PPA) with the Southern Power Distribution Company of Telangana.
AGEL gave the statement, “Adani Green Energy Ltd (AGEL), one of the largest renewables companies in India, today announced that it has signed a share purchase agreement for acquisition of 100 percent stake in an SPV holding 50 MW operating solar project of the Toronto-headquartered SkyPower Global.”
AGEL will increase its total renewable capacity to 3,395 MW with this acquisition, which will include a total renewable portfolio of up to 14,865 MW.
MD and CEO of Adani Green Energy, Mr. Vneet S Jaain said, ” Strengthening our portfolio through organic and inorganic growth opportunities is an integral part of our vision to build a capacity of 25 GW by 2025 and become the largest renewables company in the world. We will leverage the strength of our platform and capital management philosophy to achieve operational improvements and value-accretive returns from the project.”
AGEL, a part of India-based Adani Group, has one of the largest global renewable portfolios with 14.9 GW of operating, under-construction and awarded projects 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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