Companies

Adani Green buys 75 MW solar projects for ₹446 crore

Our Bureau Mumbai | Updated on March 24, 2021

The plants in Telangana were owned by Shapoorji Pallonji group

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.

Published on March 24, 2021

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