Adani Green Energy Ltd (AGEL) has signed a share purchase agreement to acquire a 100 per cent stake in two special purpose vehicles holding 74.94 MW operating solar projects of Sterling & Wilson, a Shapoorji Pallonji group company.
Commissioned in 2017, the plants are located in the Medak district of Telangana and have long-term Power Purchase Agreements with the Southern Power Distribution Company of Telangana.
The enterprise valuation of the two target SPVs is ₹446 crore. With this acquisition, AGEL will increase its operating renewable capacity to 3,470 MW with a total renewable portfolio of 15,240 MW.
The closing of the transaction is subject to customary approvals and conditions.
Vneet S Jaain, MD and CEO, Adani Green Energy, said the acquisition is part of the company’s plan to build a capacity of 25 GW by 2025 and become the world’s largest renewables company. The firm currently has a global renewable portfolio with 15.2 GW of operating, under-construction and awarded projects catering to investment-grade counterparties. It develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.
Key customers of AGEL include the National Thermal Power Corporation, Solar Energy Corporation of India and various State discoms.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.