MUMBAI: Subhash Chandra-promoted Essel Group has reached an agreement to sell 205 MW of operating solar assets of Essel Green Energy and Essel Infraprojects at an enterprise value of Rs 1,300 crore to Adani Group.
The solar assets, located in Punjab, Karnataka and Uttar Pradesh, will be acquired by Adani Green Energy. The assets have long-term power purchase agreements (PPAs) with various state electricity distribution companies, Essel Group said. The average remaining PPA life for the portfolio is around 22 years.
ET had reported on August 9 that Essel Group is in the final leg of negotiations with Adani Group to sell part of its operational solar assets and an announcement was expected this month.
