Adani Renewable Energy Limited (AREMHL) has decided on a definitive agreement with the Essel Green Energy Pvt Ltd to acquire 100% economic value in a Special Purpose Vehicle (SPV) panel that owns a 40MW operating solar project in the state of 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. It is important to mention here that (AREMHL) is a wholly-owned subsidiary of Adani Green Energy Ltd (AGEL).
The project has a 25-year Power Purchase Agreement with the SECI. The acquisition has been finalised at an enterprise valuation of Rs 219 crores. With this acquisition, AGEL’s operational portfolio will reach 5.4 GW and the overall portfolio will grow to 19.8 GW.
Managing Director & CEO of Adani Green Energy Ltd Vneet S Jain while speaking on this said,” We remain focussed 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.”
The closing of the transaction acquires 100% economic value in an SPV that owns a 40 MW operating solar project in the state of Odisha and is subject to customary conditions.
Adani Green Energy Limited (AGEL), a part of India-based Adani Group, has one of the world’s largest renewable portfolios, with locked-in growth of 19.8GW across operational, under-construction, awarded and acquired assets, catering to investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. Key customers of AGEL include Solar Energy Corporation of India (SECI), National Thermal Power Corporation (NTPC) and various State Discoms. Listed in 2018, AGEL today is a USD 19 billion market cap company helping India meet its COP21 goals. Mercom Capital, the US-based think tank recently ranked Adani Group as the #1 global solar power generation asset owner.