Adani Green completes acquisition of 20 MW solar project in UP

Adani Green Energy on Friday, 26 March 2021, said it completed acquisition of Spinel Energy & Infrastructure (SEIL) from Hindustan Cleanenergy and Peridot Power Ventures.

SEIL has 20 MW operating solar project located Mahoba, Uttar Pradesh, which was commissioned in October 2017. It has a long term Power Purchase Agreement (PPA) with UP state discom at Rs 7.54/kWh.

Adani Green Energy acquired all share capital and securities of SEIL at an enterprise value of Rs 133 crore to expand its footprint in Uttar Pradesh.

In a separate announcement, Adani Green said that it has completed acquisition of 100% of the share capital and all the securities of Surajkiran Solar Technologies and Dinkar Technologies from Sterling and Wilson. The acquisition is at an enterprise valuation of approximately Rs 446 crore.

The two special purpose vehicles (SPVs) own 75 MW operating solar projects in Telangana. The projects, commissioned in 2017, have long-term power purchase agreements (PPA) with the Southern Power Distribution Company of Telangana.

On a consolidated basis, Adani Green Energy reported a net profit of Rs 41.42 crore in Q3 December 2021 as compared to a net loss of Rs 128.77 crore in Q3 December 2020. Net sales rose 44.1% to Rs 722.58 crore in Q3 December 2020 over Q3 December 2019.

Shares of Adani Green Energy fell 1.34% to close at Rs 1,211.55 on Friday.

Adani Green has one of the largest global renewable portfolios with 15 GW of operating, under-construction and awarded projects catering to investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.

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