Adani Green Energy (AGE) on Saturday said acquired 51 per cent equity share capital of Kodangal Solar Parks Pvt Ltd (KSPPL) from FS India Devco Pvt Ltd for about ₹1.69 crore.
“AGE held 49 per cent stake in KSPPL. KSPPL was incorporated in August 2015 and has set up 20 MWac solar power project at Bagewadi, Karnataka,” AGE said in a Bombay Stock Exchange filing.
“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 wholly-owned subsidiary of the company,” it added.
KSPPL has a Power Purchase Agreement (PPA) with Bangalore Electricity Supply Company Ltd. The fixed PPA tariff is Rs 5.48/kWh for a period of 25 years. The project was commissioned on January 6, 2018.
“1,07,100 equity shares of Rs 10 each acquired at Rs 158.04 per shares as per valuation certificate,” the filing said.