Adani Renewable Energy (MH) (AREMHL), a wholly-owned subsidiary of Adani Green Energy (AGEL), has signed definitive agreements with Essel Green Energy 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 crore.
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 underconstruction and 8.7 GW near construction assets.
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