Team News Riveting
Ahmedabad, October 1
Adani Green Energy Limited (AGEL), today announced that it has completed the acquisition of 205 MW operating solar assets from Essel Green Energy Private Limited (EGEPL) and Essel Infraprojects Limited (EIL).
The assets are located in Punjab, Karnataka and Uttar Pradesh. All the assets have long term Power Purchase Agreements (PPAs) with various state electricity distribution companies. The portfolio is relatively young with an average remaining PPA life of approximately 21 years. The acquired assets will be held 100 per cent by Adani Renewable Energy Holding Ten Limited, a 100 per cent subsidiary of AGEL.
The acquisition marks the first operational portfolio acquisition by AGEL. AGEL had earlier announced execution of definitive agreements for the acquisition of the Essel Portfolio on August 29, 2019.
Vneet Jaain, Managing Director and CEO of Adani Green Energy Ltd., said, “The acquisition of 205 MW solar portfolio expands our footprint in states where we already have a presence, and with our strong operational expertise, we will deliver significant value for our shareholders. This is another step towards taking AGEL closer to its targeted footprint of 25 GW of renewable power by 2025.”
Adani Green Energy Limited, a part of the Adani Group, has 14 GW of operating, under-construction and awarded renewable power projects catering to investment-grade counterparties. AGEL has been ranked as the No. 1 global solar power generation asset owned by Mercom Capital. The company aims to achieve 25 GW of renewable power by 2025 and is committed to contribute to India’s COP21 goals.
