Adani Energy Acquires 100% Stake in Kodangal Solar Parks

The amount paid by Adani Green for the acquisition of the 107,100 equity shares is Rs 158.04 per share, which totals to approximately Rs 1.69 crore.

Adani Green Energy (AGE) in a filing to the Securities and Exchange Board of India (SEBI), recently announced that it has acquired the remainder of the 51 percent equity share capital of the Kodangal Solar Parks (KSPPL) from FS India Devco for a deal expected to be worth Rs 1.69 crore.

Adani already held the minority 49 percent stake in the solar park which it had acquired in March last year, making KSPPL a joint venture at the time. The park was incorporated in August 2015 and has an installed capacity project of 20 MW solar power at Bagewadi, Karnataka.

KSPPL has Power Purchase Agreement (PPA) with Bangalore Electricity Supply Company Ltd.  (BESCOM) for supplying power from the project at a fixed PPA tariff of Rs 5.48/kWh for a period of 25 years. The project was commissioned on January 6, 2018.

“KSPPL stake is acquired with an object of consolidating the company’s interest in KSPPL and within the overall objective of the company. With this acquisition, KSPPL has become a wholly-owned subsidiary of the company,” the company released in a BSE filing.

According to the document, the amount paid by Adani Green for the acquisition of the 107,100 equity shares is Rs 158.04 per share, which totals to approximately Rs 1.69 crore.

Source: PTI