Adani Green Energy to acquire 40 MW Essel Green solar project in Odisha
NEW DELHI: Adani Green Energy Ltd (AGEL) will acquire a 40 megawatt (MW) operational solar project, located in Odisha, from Essel Green at an enterprise value of Rs219 crore.
With this acquisition, the operational capacity of the AGEL project will reach 5.4 GW, with a total portfolio of 19.8 gigawatt (GW). In May, AGEL acquired solar power producer SB Energy India from Japanese group SoftBank Group Corp. and Bharti Enterprises Ltd for an enterprise value of $ 3.5 billion. SB Energy India has a total renewable energy portfolio of 4,954 GW spread across four Indian states.
“Adani Renewable Energy (MH) Limited (AREMHL), a 100% subsidiary of Adani Green Energy Ltd (AGEL), has signed definitive agreements with Essel Green Energy Pvt Ltd to acquire 100% economic value in an SPV which owns 40 MW of operation. solar project in Odisha, ”Adani Green Energy said in a statement on Thursday.
AGEL recently raised $ 750 million via a green bond to finance equity for its projects under construction.
“The project has a long-term power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) for ??4.235 per unit, with a remaining PPA lifespan of approximately 22 years, “the statement added.
The French group Total has invested $ 2.5 billion to acquire a 50% stake in AGEL’s 2.35 GW solar operating assets and a 20% stake in AGEL. The Adani-Total JV plans to commission 25 GW by 2025.
Meanwhile, India’s solar and wind generation hit an all-time high of 43.1 GW on July 27. India has also passed the 100 GW milestone of installed renewable energy capacity.
“The total portfolio includes 5.4 GW of operating assets, 5.7 GW of assets under construction and 8.7 GW of assets close to construction,” said the statement from Adani Green Energy.
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