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Stock Report
Adani Green Energy Limited to acquire 50 MW assets
Posted On : 2021-03-25 09:57:52( TIMEZONE : IST )
Adani Green Energy Limited has entered into a Securities Purchase Agreement for acquisition (by itself or through an affiliate) of 100% of the share capital and all the securities of Surajkiran Renewable Resources Private Limited ("Surajkiran") from Skypower Southeast Asia III Investments Ltd (Seller 1) and Skypower Southeast Asia Holdings 2 Ltd (Seller 2) on a fully diluted basis subject to completion of customary conditions precedent.
This acquisition expands Company's footprints in a state where the Company already has operational projects. The acquisition is expected to be value accretive to our shareholders.
The transaction is expected to be completed by March, 2021.
The cost of acquisition is Enterprise Value of approx. INR 317 Crores, subject to Closing adjustments.
Surajkiran has 50 MW operating solar project located in Junthula and Pansoor Village Nalgonda District in the state of Telangana, which was commissioned in October, 2017. It has a long-term Power Purchase Agreement ("PPA") with Southern Power Distribution Company of Telangana Limited at INR 5.37/kWh.
Post competition of this acquisition, AGEL shall have total renewable capacity of 14,865 MW including 11,470 MW awarded & under implementation projects.
Mr. Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd, said, "Strengthening our portfolio through organic and inorganic growth opportunities is in integral part of the our vision to build a capacity of 25 GW by 2025 and become the largest renewables company in the world. We will leverage the strength of our platform and capital management philosophy to achieve operational improvements and value-accretive returns from the project."
Shares of Adani Green Energy Ltd was last trading in BSE at Rs.1292.6 as compared to the previous close of Rs. 1312.2. The total number of shares traded during the day was 84421 in over 6268 trades.
The stock hit an intraday high of Rs. 1341.6 and intraday low of 1269. The net turnover during the day was Rs. 110235088.
