Adani Green Energy on Thursday said it had completed the acquisition of 205 megawatt (MW) operating solar assets from the Essel Green Energy and Essel Infraprojects for Rs 1,300 crore.
This is Adani Green’s first operational portfolio acquisition. The company will hold the acquired assets in Adani Renewable Energy Holding Ten Limited, a wholly-owned subsidiary of the Adani Green. The company had signed definitive agreements for the acquisition of these assets from Essel in August 2019.
The company said the assets are located in Punjab, Karnataka and Uttar Pradesh, and have long-term Power Purchase Agreements (PPAs) with various state electricity distribution companies. The portfolio, the company added, has a remaining PPA life of approximately 21 years.
