Latest News | AGEL Arm to Acquire 40 MW Solar Asset in Odisha

New Delhi, Sep 30 (PTI) Adani Renewable Energy (MH) has inked pact with Essel Green Energy to acquire a 40 MW operating solar project 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 to acquire 100 per cent economic value in an SPV that owns 40 MW operating solar project in Odisha, a company statement said.

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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.

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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 and CEO of Adani Green Energy, said, “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 above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)