Adani Green completes acquisition of 205 MW solar assets from Essel

According to Adani Green, this is the company's first operational portfolio acquisition

Adani Green Energy on Thursday said it had completed the acquisition of 205 megawatt (MW) operating solar assets from the Essel Green Energy and Essel Infraprojects for Rs 1,300 crore.

This is Adani Green's first operational portfolio acquisition. The company will hold the acquired assets in Adani Renewable Energy Holding Ten Limited, a wholly-owned subsidiary of the Adani Green. The company had signed definitive agreements for the acquisition of these assets from Essel in August 2019.

The company said the assets are located in Punjab, Karnataka and Uttar Pradesh, and have long-term Power Purchase Agreements (PPAs) with various state electricity distribution companies. The portfolio, the company added, has a remaining PPA life of approximately 21 years.

"The acquisition of 205 MW solar portfolio expands our footprint in states where we already have a presence, and with our strong operational expertise, we will deliver significant value for our shareholders,” said Vneet Jaain, managing director and chief executive officer (CEO) of Adani Green Energy. He added, “This is another step towards taking Adani Green closer to its targeted footprint of 25 giga watt of renewable power by 2025.”