Adani Renewable Acquires 40 MW Solar Project from Essel Green

Adani Renewable Energy, a wholly-owned subsidiary of Adani Green Energy (AGEL), has signed definitive agreements with Essel Green Energy to acquire 100% economic value in an SPV that owns 40 MW operating solar project in Odisha.

The project has a long-term Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) for Rs 4.235 per unit, with remaining PPA life of about 22 years.

As per the official statement the acquisition of the project is at an enterprise valuation of Rs 219 Cr.

With this acquisition, AGEL will achieve a total renewable capacity of 19.8 GW. The total portfolio includes 5.4 GW operational assets, 5.7 GW assets under construction and 8.7 GW near construction assets.

The total portfolio includes 5,410 MW operational assets, 5,724 MW assets under construction and 8,700 MW near construction assets

“We remain focused on opportunities that help us create value for shareholders, as well as facilitate the growth of environment-friendly green power in India. With the acquisition of this project in Odisha, AGEL will now have its footprint across 12 states in India. We are on an expansion path that will make us the world’s largest renewable player by 2030” said Vneet Jaain, Managing Director & CEO of Adani Green Energy Ltd.

Earlier in the year Adani Green Energy had acquired SB Energy’s 5 GW India renewable power portfolio for a fully completed EV of USD 3.5 Billion. It was India’s largest renewables M&A transaction.