40 MW of Solar power project in Odisha to be acquired by Adani Green Energy

An agreement has been signed on Thursday on the acquisition of the 100% economic value in a Special Purpose Vehicle (SPV), the owner of the 40MW Solar Project in Odisha.

Adani Renewable Energy (MH) Limited (AREMHL), a wholly-owned subsidiary of Adani Green Energy Ltd (AGEL), intends to acquire a 40MW operating solar project in Odisha.

According to the company’s statement, AREMHL and Essel Green Energy signed an agreement on Thursday on the acquisition of the 100% economic value in a Special Purpose Vehicle (SPV), the owner of the Solar Project in Odisha.

In addition, the project has a long-term Power Purchase Agreement (PPA) for INR 4.235 per unit with the Solar Energy Corporation of India (SECI). The PPA will last for another 22 years.

A customary closing condition applies to this transaction. The project has an enterprise value of INR 219 crore.

In a statement, Adani Green Energy Ltd’s MD and CEO, Vneet Jaain, said “With this acquisition, AGEL now has its footprint in 12 States across India. By 2030, we will be the world’s largest renewable player.”

The acquisition will give AGEL a total renewable capacity of 19.8 gigawatts (GW). In total, the company has 5.4 GW of operational assets, 5.7 GW of assets under construction, and 8.7 GW of assets near completion.

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