Adani Group's green energy firm Adani Green Energy Ltd (AGEL) has completed the acquisition of 205 MW operating solar assets from Essel Green Energy Pvt Ltd (EGEPL) and Essel Infraprojects Ltd (EIL).

Also read: Led by renewables, non-fossils’ share in energy basket surges

The acquired assets will be held 100 per cent by Adani Renewable Energy Holding Ten Ltd, a 100 per cent subsidiary of AGEL, the company said in a statement today. The assets are located in Punjab, Karnataka and Uttar Pradesh.

All the assets have long term Power Purchase Agreements (PPAs) with various State electricity distribution companies.

The portfolio is relatively young with an average remaining PPA life of approximately 21 years, the statement added.

Vneet Jaain, MD and CEO of AGEL, said: "The acquisition of 205 MW solar portfolio expands our footprint in States where we already have a presence, and with our strong operational expertise, we will deliver significant value for our shareholders. This is another step towards taking AGEL closer to its targeted footprint of 25 GW of renewable power by 2025."

Also read: Adani Green posts robust Q1 net at ₹138 crore

The acquisition marks the first operational portfolio acquisition by AGEL. The company had announced the execution of definitive agreements for the acquisition of the Essel Portfolio on August 29, 2019.

AGEL stocks traded positive in early trades on the stock exchanges on Thursday, with close to 1 per cent gains at ₹744.05 on the NSE.

Related Topics