Subsidiary of Adani Green to acquire 40 MW solar project from Essel Energy

AREMHL shall acquire this SPV at an enterprise valuation of Rs 219 crore.

Adani Green Energy Limited (AGEL), a renewable energy company, announced this morning that its wholly-owned subsidiary Adani Renewable Energy (MH) Limited (AREMHL) has entered into definitive agreements with Essel Green Energy Pvt Ltd for the acquisition of 100 per cent economic value in a Special Purpose Vehicle (SPV). 

This SPV owns a 40 MW operating solar project in Odisha that has a long-term Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) at the rate of Rs 4.235 per unit. At present, this project has a PPA life of about 22 years. AREMHL shall acquire this SPV at an enterprise valuation of Rs 219 crore.  

Post this acquisition, AGEL will have a footprint across 12 states in India. Furthermore, it will have an operational portfolio of 5.4 GW, and an overall portfolio of 19.8 GW which comprises 5.7 GW assets under construction and 8.7 GW near construction assets.     

At 11.44 am, the share price of Adani Green Energy Limited (AGEL) was trading at Rs 1142.15, which was an increase of 0.83 per cent from the previous day’s closing price of Rs 1132.8 on BSE.