The Adani Renewable Energy (MH) Limited (AREMHL), a wholly-owned subsidiary of Adani Green Energy (AGEL) is to acquire a 40 megawatt (MW) operational solar project in Odisha from Essel Green at an enterprise valuation of Rs 219 crore, the company said in a statement.
With this acquisition, AGEL will achieve a total renewable capacity of 19.8 GW, according to the official company release. “Adani Renewable Energy (MH) has signed definitive agreements with Essel Green Energy to acquire 100 percent economic value in an SPV that owns a 40 MW operating solar project in Odisha,” it said.
The closing of the transaction is subject to customary conditions. The acquisition of the project is at an enterprise valuation of Rs 219 crore.
The project has a long-term power purchase agreement with the Solar Energy Corporation of India for Rs 4.235 per unit with a remaining PPA life of about 22 years.
“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,” said Vneet Jaain, managing director and chief executive officer, AGEL. The company has a total portfolio of 5.4 GW operational assets, 5.7 GW assets under construction and 8.7 GW near construction assets.