Adani Green to acquire 40 MW operational Solar Asset in Odisha

Adani Green Energy's subsidiary Adani Renewable Energy (MH) has signed definitive agreements with Essel Green Energy to acquire 100% economic value in an special purpose vehicle (SPV) that owns 40 MW operating solar project in Odisha.

The project has a long-term power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) for Rs 4.235 per unit, with remaining PPA life of about 22 years.

The closing of the transaction is subject to customary conditions. The acquisition of the project is at an enterprise valuation of Rs 219 crore.

With this acquisition, Adani Green will achieve a total renewable capacity of 19.8 GW. The total portfolio includes 5.4 GW operational assets, 5.7 GW assets under construction and 8.7 GW near construction assets.

Vneet Jaain, managing director & CEO of Adani Green Energy, said, We remain focused on opportunities that help us create value for shareholders, as well as facilitate the growth of environment-friendly green power in India.

With the acquisition of this project in Odisha, AGEL will now have its footprint across 12 states in India. We are on an expansion path that will make us the world's largest renewable player by 2030.

Adani Green Energy has one of the largest global renewable portfolios with 19.8 GW (giga-watts) 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.

The company's consolidated net profit soared 895.45% to Rs 219 crore on a 22.89% jump in total income to Rs 1,079 crore in Q1 FY22 over Q1 FY21.

The scrip rose 0.22% to currently trade at Rs 1135.25 on the BSE.

On a year-to-date (YTD) basis, the stock has added 7.79% while the benchmark Sensex has gained 24.32% during the same period.

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