Adani Green Energy slumps despite acquiring new solar projects
Adani Green Energy Limited (AGEL), one of the largest renewable companies in India, announced today that it has signed a share purchase agreement (SPA) in two SPVs holding 74.94 MW operating solar projects of Sterling & Wilson, a Shapoorji Pallonji Group company for the acquisition of 100 per cent stake.
The projects were commissioned in the year 2017 in Medak district of Telangana. These projects have a long-term project purchase agreement with the Power Distribution Company of Telangana Limited.
The enterprise valuation of the target SPV is calculated to be Rs 446 crore. With the current acquisition, AGEL will increase its operating renewable capacity to 3,470 MW with a total renewable portfolio of 15,240 MW. The completion of the transaction further is subject to customary approvals and other conditions.
At 11.18 am on Wednesday, the shares of the company were down by 1.35 per cent to Rs 1,294.55 per share on BSE. Meanwhile, Sensex was down by 635 points or 1.27 per cent from its previous close.
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