 "Adani Green Energy acquires SkyPower's 50MW solar project in Telangana")
Adani Green Energy Ltd (AGEL) announced on Saturday that it has signed an agreement to purchase 100 per cent stake in Toronto-headquartered SkyPower Global's 50MW solar power project in Telangana.
With this acquisition, AGEL shall increase its operating renewable capacity of 3,395 MW with a total renewable portfolio of 14,865 MW, said the company in a statement.
Toronto-based SkyPower is planning to exit India where it has 350 MW of assets. Leading companies were in a race to acquire the 50MW project in Telangana. The project was commissioned in October 2017 and has a long-term Power Purchase Agreement (PPA) with the Southern Power Distribution Company of Telangana.
Vneet S. Jaain, MD & CEO, AGEL said, “Strengthening our portfolio through organic and inorganic growth opportunities is in integral part of the our vision to build a capacity of 25GW by 2025 and become the largest renewables company in the world. We will leverage the strength of our platform and capital management philosophy to achieve operational improvements and value-accretive returns from the project.”
AGEL has a portfolio of 14.9GW of operating, under-construction and awarded projects – the highest in the country.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%