Adani Green Completes Acquisition of 20 MW Solar Project in UP

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Adani Green Energy completed acquisition of Spinel Energy & Infrastructure (SEIL) from Hindustan Cleanenergy and Peridot Power Ventures.

SEIL has 20 MW operating solar project located Mahoba, Uttar Pradesh, which was commissioned in October 2017. It has a long term Power Purchase Agreement (PPA) with UP state discom at Rs 7.54/kWh.

Adani Green Energy acquired all share capital and securities of SEIL at an enterprise value of Rs 133 crore to expand its footprint in Uttar Pradesh.

Adani Green has one of the largest global renewable portfolios with 15 GW of operating, under-construction and awarded projects catering to investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.

Post competition of this acquisition, AGEL now has total renewable capacity of over 15,200 MW spread across 11 states. with over 11,000 MW awarded & under implementation projects.

On a consolidated basis, Adani Green Energy reported a net profit of Rs 41.42 crore in Q3 December 2021 as compared to a net loss of Rs 128.77 crore in Q3 December 2020. Net sales rose 44.1% to Rs 722.58 crore in Q3 December 2020 over Q3 December 2019.

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