Adani Green Energy completes acquisition of 205 MW operating solar assets
Ahmedabad: Adani Green Energy Ltd NSE 1.29 % (AGEL) on Thursday announced that it has completed the acquisition of 205 megawatt operating solar assets from Essel Green Energy Pvt Ltd (EGEPL) and Essel Infraprojects Ltd (EIL).
The assets are located in Punjab, Karnataka and Uttar Pradesh. All the assets have long-term power purchase agreements with various state electricity distribution companies.
The portfolio is relatively young with an average remaining power purchase agreement life of nearly 21 years. The acquired assets will be held 100 per cent by Adani Renewable Energy Holding Ten Ltd, a 100 per cent subsidiary of AGEL.
The acquisition marks the first operational portfolio acquisition by AGEL. The company had earlier announced the execution of definitive agreements for the acquisition of Essel portfolio on August 29, 2019.
