Adani Green Energy Acquires Solar Projects Worth 205 MW From Essel

Adani Green Energy has announced that it has signed a securities purchase agreement for the acquisition of 205 MW operating solar assets from Essel

Adani 205 MW Solar Essel

Adani Green Energy has announced that it has signed a securities purchase agreement for the acquisition of 205 MW operating solar assets of Essel Green Energy Private Limited (EGEPL) and Essel Infraprojects Limited (EIL). The acquisition of these assets is at an enterprise valuation of approximately Rs 1,300 crore.

According to the official statement, the solar projects are located in three states – Punjab, Karnataka and Uttar Pradesh. And all of them have long term Power Purchase Agreements (PPA) with various state electricity distribution companies. The portfolio is relatively young with average remaining PPA life of approximately 22 years

Jayant Parimal, CEO of Adani Green Energy, said that the acquisition of 205 MW of operating solar assets will strengthen 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.”

The ten Special Purpose Vehicles (SPVs) that have been acquired under the deal are Essel Bagalkot Solar Energy (5 MW), Essel Gulbarga Solar Power (5 MW), Essel Urja (50 MW),  KN Bijapura Solar Energy (20 MW), KN Indi Vijayapura Solar Energy (20 MW), KN Muddebihal Solar Energy (20 MW), KN Sindagi Solar Energy (5 MW), PN Clean Energy (20 MW), PN Renewable Energy (20 MW) and TN Urja (50 MW).

The closing of the transaction is subject to customary approvals and conditions.

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Ayush Verma

Ayush Verma

Ayush is a staff writer at saurenergy.com and writes on renewable energy with a special focus on solar and wind. Prior to this, as an engineering graduate trying to find his niche in the energy journalism segment, he worked as a correspondent for iamrenew.com.

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