MUMBAI : Essel Group will sell 205 megawatt (MW) of its operational solar energy assets to Adani Green Energy Ltd at an enterprise value of ₹1,300 crore, the two companies said.
An Essel Group statement said the assets are in Punjab, Karnataka and Uttar Pradesh and have long-term power purchase agreements (PPAs) with various state-owned power distribution companies (discoms).
The deal is expected to close by end September, when Subhash Chandra‘s Essel Group must repay about ₹7,000 crore to creditors as agreed earlier this year. This is the second asset sale by Essel, after a recent stake sale in its entertainment business.
