Adani Green Energy on Thursday said it had completed the acquisition of 205 megawatt (MW) operating solar assets from the Essel Green Energy and Essel Infraprojects for Rs 1,300 crore.
This is Adani Green's first operational portfolio acquisition. The company will hold the acquired assets in Adani Renewable Energy Holding Ten Limited, a wholly-owned subsidiary of the Adani Green. The company had signed definitive agreements for the acquisition of these assets from Essel in August 2019.
The company said the assets are located in Punjab, Karnataka and Uttar Pradesh, and have long-term Power Purchase Agreements (PPAs) with various state electricity distribution companies. The portfolio, the company added, has a remaining PPA life of approximately 21 years.
ALSO READ: Re 1 invested in Adani Enterprises yielded 800-times return: Gautam Adani
"The acquisition of 205 MW solar portfolio expands our footprint in states where we already have a presence, and with our strong operational expertise, we will deliver significant value for our shareholders,” said Vneet Jaain, managing director and chief executive officer (CEO) of Adani Green Energy. He added, “This is another step towards taking Adani Green closer to its targeted footprint of 25 giga watt of renewable power by 2025.”
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.