Adani Green Energy to acquire 205 MW operating solar assets from Essel Group in India
India-based renewable energy company Adani Green Energy Limited (AGEL), announced it has signed a securities purchase agreement to aquire 205 MW operating solar assets from Indian Essel Group companies Essel Green Energy Private Limited (EGEPL) and Essel Infraprojects Limited (EIL).
The assets are located in Punjab, Karnataka and Uttar Pradesh. All the assets have long term Power Purchase Agreements (PPAs) with various state electricity distribution companies. The portfolio is relatively young with average remaining PPA life of approximately 22 years.
The closing of the transaction is subject to customary approvals and conditions. The acquisition of these assets is at an enterprise valuation of approximately INR 1,300 crore. The existing long-term funding will continue.
Jayant Parimal, CEO of Adani Green Energy Ltd., said:
“The acquisition of 205 MW of operating solar assets strengthens Adani Green Energy’s position as one of India’s premier renewable power producers, with a total portfolio of ~5.5 GW, of which ~2.5 GW is operational, and the remaining is to be operationalised over the next 2 years. This is our first brownfield acquisition of operating assets. It expands our footprint in states where we already have a presence, and with our strong operational expertise, will deliver significant value for our shareholders. 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.”
Source: Press Release by Adani Green Energy Limited.
