Adani Green Energy acquires 205 MW operating solar assets from Essel

On Thursday, Adani Green Energy (AGEL) informed the bourses 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 assets acquired have long-term power purchase agreements (PPAs) with various state electricity distribution companies. The portfolio is relatively young with average PPA life of approximately 21 years and will be held in its entirety by Adani Renewable Energy Holding Ten Limited, a wholly-owned subsidiary of AGEL.

The acquisition marks the first operational portfolio acquisition by AGEL. The company had earlier announced the execution of definitive agreements for the acquisition of the Essel Portfolio on August 29, 2019.

Speaking on the announcement, Vneet Jaain, Managing Director & CEO of Adani Green Energy stated that the acquisition of 205 MW solar portfolios expanded the company’s footprint in states, where it already has a presence, and as a result, took the company closer to its targeted footprint of 25 GW of renewable power by 2025.

Adani Green Energy Limited, part of Adani Group, has 14 GW of operating, under-construction, and awarded renewable power projects catering to investment-grade counterparties.

At 12 pm on Thursday, the stock of Adani Green Energy was trading at Rs 739.10 per share, up by 0.17 per cent or Rs 1.25 per share on BSE, against a 1.54 per cent gain in the benchmark index. The 52-week high is recorded at Rs 755 and the 52-week low is Rs 55.50 on BSE.