Adani Green Energy and Total JV acquire 205 MW of operating solar assets

Adani Green Energy Limited (AGEL), an Indian renewable energy company announced on Thursday that its joint venture (JV) with Total Solar Singapore Pte Ltd completed another acquisition as per the JV agreement, by transferring 205 MW of operating solar assets for an enterprise valuation of Rs 1,632 crore.

This acquisition expands JV’s footprints in states, where it previously had a presence through its existing portfolio. In addition to that, AGEL’s strong operational expertise will also be able to deliver value to the JV partners. The acquisition of assets is in line with JV’s ambition to achieve 25 GW of renewable power capacity by 2025.

With this acquisition, the total operating renewable portfolio under the JV stands at 2,353 MW. AGEL and Total formed a joint venture (50:50) for 2,148 MW solar power assets in India. It was formed at an enterprise valuation of Rs 17,385 crore in April 2020. Through its step-down subsidiary, Total invested Rs 310 crore in the JV for a 50 per cent stake in the new acquisition.

Earlier on October 01, 2020, AGEL announced the acquisition of these assets from Essel Group, which is located in Punjab, Karnataka, and Uttar Pradesh with long-term power purchase agreements (PPAs) with different state electricity distribution companies.

Today at 2.20 pm, AGEL was trading at Rs 708.00, down by 3.00 per cent. The share has an intraday high of Rs 735 and an intraday low of Rs 714.8 on BSE.