- AGEL completed acquisition of 205 MW operating solar assets from Essel Green Energy Private Limited (EGEPL) and Essel Infraprojects Limited (EIL)
- The assets are located in Punjab, Karnataka and Uttar Pradesh
- This is AGEL’s first acquisition of operating assets
- Following the announcement, the stock price of AGEL jumped by around 0.5 per cent
Adani Green Energy Limited (AGEL) on Thursday announced that it has completed the acquisition of 205 MW operating solar assets from Essel Green Energy Private Limited (EGEPL) and Essel Infraprojects Limited (EIL).
The solar 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 21 years. The acquired assets will be held 100% by Adani Renewable Energy Holding Ten Limited, a 100% subsidiary of AGEL.
The acquisition marks the first operational portfolio acquisition by AGEL. AGEL had earlier announced the execution of definitive agreements for the acquisition of the Essel Portfolio on 29 Aug 2019.
Step towards achieving target of 25 GW
The managing director & CEO of Adani Green Energy Ltd Vneet Jaain said, “The acquisition of 205 MW solar portfolio expands our footprint in states where we already have a presence, and with our strong operational expertise, we will deliver significant value for our shareholders.”
He added that it is another step towards taking AGEL closer to its targeted footprint of 25 GW of renewable power by 2025.”
AGEL, a part of the Adani Group, has 14 GW of operating, under-construction and awarded renewable power projects catering to investment-grade counterparties. It has been ranked as the number one global solar power generation asset owner by Mercom Capital.
The company aims to achieve 25 GW of renewable power by 2025 and is committed to contributing to India’s Conference of Parties (COP) 21 goals.
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