Adani Renewable Energy to acquire 40 MW solar project in Odisha
- ByManjeet Singh | September 30, 2021
AREMHL, a wholly-owned subsidiary of Adani Green Energy Ltd (AGEL), announced on Thursday that it has signed definitive agreements to acquire 100% economic value in an SPV (special purpose vehicle) that owns a 40 MW solar plant in Odisha.
SECI has entered into a Power Purchase Agreement (PPA) with the company for Rs 4.235 per unit. This agreement will last 22 years, the company reports.
Various customary conditions need to be met in order for the transaction to close. An enterprise valuation of Rs 219 crores will be assigned to the acquisition.
As a result of this acquisition, AGEL will have a total renewable capacity of 19.8 GW. The portfolio includes 5.4 GW operational assets, 5.7 GW under construction, and 8.7 GW near completion.
“We remain focused on opportunities that help us create value for shareholders, as well as facilitate the growth of environment-friendly green power in India. 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 Vineet Jain, Managing Director & CEO of Adani Green Energy.
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