Adani Green Energy acquires SkyPower's 50MW solar project in Telangana

Adani Green Energy Ltd (AGEL) announced on Saturday that it has signed an agreement to purchase 100 per cent stake in Toronto-headquartered SkyPower Global's 50MW solar power project in Telangana.

With this acquisition, AGEL shall increase its operating renewable capacity of 3,395 MW with a total renewable portfolio of 14,865 MW, said the company in a statement.

Toronto-based SkyPower is planning to exit India where it has 350 MW of assets. Leading companies were in a race to acquire the 50MW project in Telangana. The project was commissioned in October 2017 and has a long-term Power Purchase Agreement (PPA) with the Southern Power Distribution Company of Telangana.

Vneet S. Jaain, MD & CEO, AGEL said, “Strengthening our portfolio through organic and inorganic growth opportunities is in integral part of the our vision to build a capacity of 25GW by 2025 and become the largest renewables company in the world. We will leverage the strength of our platform and capital management philosophy to achieve operational improvements and value-accretive returns from the project.”

AGEL has a portfolio of 14.9GW of operating, under-construction and awarded projects – the highest in the country.