Adani Green Energy to acquire 40 MW operational Solar Asset in Odisha

Adani Renewable Energy (MH) Limited (AREMHL), a wholly-owned subsidiary of Adani Green Energy Ltd (AGEL), has signed definitive agreements with Essel Green Energy Pvt Ltd to acquire 100% economic value in an SPV that owns 40 MW operating solar project in Odisha. The project has a long-term Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) for Rs 4.235 per unit, with remaining PPA life of about 22 years.

The closing of the transaction is subject to customary conditions. The acquisition of the project is at an enterprise valuation of Rs 219 Cr.

With this acquisition, AGEL will achieve a total renewable capacity of 19.8 GW. The total portfolio includes 5.4 GW operational assets, 5.7 GW assets under construction and 8.7 GW near construction assets.

Vneet Jaain, Managing Director & CEO of Adani Green Energy Ltd., said," We remain focused on opportunities that help us create value for shareholders, as well as facilitate the growth of environment-friendly green power in India. With the acquisition of this project in Odisha, AGEL will now have its footprint across 12 states in India. We are on an expansion path that will make us the world's largest renewable player by 2030."

The total portfolio includes 5,410 MW operational assets, 5,724 MW assets under construction and 8,700 MW near construction assets.

Shares of Adani Green Energy Limited was last trading in BSE at Rs. 1132.8 as compared to the previous close of Rs. 1140.55. The total number of shares traded during the day was 9947 in over 871 trades.

The stock hit an intraday high of Rs. 1146.95 and intraday low of 1114. The net turnover during the day was Rs. 11314064.

Source : Equity Bulls

Keywords