Adani Green arm acquires 40 Mw operating solar project in Odisha

Adani Renewable Energy (MH) has acquired a 40 MW operating solar project in Odisha.

"Adani Renewable Energy (MH) Energy Limited, a wholly-owned subsidiary of Adani Green Energy Limited, has completed acquisition of 100% of the share capital and all the securities of Vento Energy Infra Private Limited from Essel Green Energy Limited," as per a regulatory filing.

Earlier in the day, the company had said Adani Renewable Energy (MH) Limited (AREMHL), a wholly-owned subsidiary of Adani Green Energy Ltd (AGEL), has signed definitive agreements with Essel Green Energy to acquire 100 per cent economic value in an SPV that owns a 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, it had said.

The acquisition of the project is at an enterprise valuation of Rs 219 crore.

With this acquisition, AGEL 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 and CEO of Adani Green Energy, said 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," he added.