Adani Green Energy to acquire solar assets from Essel Green Energy and Essel Infraprojects

Adani Green Energy has entered into a Securities Purchase Agreement for acquisition (by itself or through an affiliate) of 100% equity interest in ten Companies i.e. Essel Bagalkot Solar Energy, Essel Gulbarga Solar Power, Essel Urja, KN Bijapura Solar Energy, KN Indi Vijayapura Solar Energy, KN Muddebihal Solar Energy, KN Sindagi Solar Energy, PN Clean Energy, PN Renewable Energy and TN Urja from Essel Green Energy and Essel Infraprojects.

The target portfolio comprises de-risked solar assets and expands Company's footprints in states where the Company already have operations. Target portfolio is Company's first acquisition of operating assets. The enterprise value is approximately Rs 1300 crore.

The transaction is expected to be completed by 15 October 2019.

Post completion of this acquisition, AGEL's portfolio of renewable generation capacity in India shall stand at 5.50 GWac with 2.43 GWac operational projects and balance 3.07 GWac in development stage.

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