Adani Green Energy Ltd arm to acquire 40 MW solar asset in Odisha
Adani NSE -1.97 % Renewable Energy (MH) has inked pact with Essel Green Energy to acquire a 40 MW operating solar project in Odisha. Adani Renewable Energy (MH) Limited (AREMHL), a wholly-owned subsidiary of Adani Green Energy NSE 0.55 % Ltd (AGEL), has signed definitive agreements with Essel Green Energy to acquire 100 per cent economic value in an SPV that owns 40 MW operating solar project in Odisha, a company statement said.
The project has a long-term power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) for Rs 4.235 per unit, with remaining PPA life of about 22 years.
The closing of the transaction is subject to customary conditions. The acquisition of the project is at an enterprise valuation of Rs 219 crore.
