Essel Infra to sell solar assets to Adani Green Energy for Rs 1,300 crore

The sale of solar assets is expected to further reduce promoter debt for the group, which was at Rs 6,776 crore

Essel Infra has inked a pact with Adani Green Energy (AGEL) to sell 205 megawatt (Mw) of solar assets for Rs 1,300 crore, the company said on Thursday.  

The assets are located in Punjab, Karnataka, and Uttar Pradesh. All these assets have long-term power purchase agreements with various state electricity distribution companies, the company said.

“Our asset divestment process is within the purview of the agreed timelines with our esteemed lenders. The sale of the group’s solar assets to AGEL is yet another positive step taken in this direction,” an Essel group spokesperson said. 

Adani Green called this its first acquisition of operating