Adani Green Energy (AGEL) has signed definitive agreements with Sterling & Wilson for the acquisition of 100% stake in two special purpose vehicles (SPVs) that own 74.94 MW operating solar projects in Telangana.
The projects, commissioned in 2017, are located in Medak District of Telangana and have long-term power purchase agreements (PPA) with the Southern Power Distribution Company of Telangana. The enterprise valuation of the target SPV is Rs 446 crore.With this acquisition, AGEL will increase its operating renewable capacity to 3,470 MW with a total renewable portfolio of 15,240 MW. The closing of the transaction is subject to customary approvals and conditions.
Shares of AGEL were down 1.55% to Rs 1,291.80 on BSE. AGEL, a part of India-based Adani Group, has one of the largest global renewable portfolios with 15 GW of operating, under-construction and awarded projects catering to investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.
In a separate announcement, Sterling and Wilson Solar (SWSL) said that it will receive net sale consideration of about Rs 250 crore and the entire amount of the net sale proceeds will be utilized towards repayment of part of the outstanding loans.
Shares of SWSL dropped 5.95% to Rs 296.45 on BSE.
SWSL, a Shapoorji Pallonji group company, is a global pure-play, end-to-end solar engineering, procurement and construction (EPC) solutions provider.
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