Adani Green Energy signed a securities purchase agreement for acquisition of 205 MW operating solar assets of Essel Green Energy and Essel Infraprojects. The assets are located in Punjab, Karnataka and Uttar Pradesh. All the assets have long term Power Purchase Agreements (PPAs) with various state electricity distribution companies. The portfolio is relatively young with average remaining PPA life of approximately 22 years.
The closing of the transaction is subject to customary approvals and conditions. The acquisition of these assets is at an enterprise valuation of approximately Rs 1,300 crore. The existing long-term funding will continue.
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