Essel Group in talks with Adani to sell solar energy assets
The Essel Group, which needs to sell a host of assets to stave off loan defaults, is in talks with the Adani group to sell its remaining solar energy portfolio, said two people close to the development.
Essel is rushing to complete its unfinished solar power projects of 480 megawatts (MW) to sell them to Adani Green Energy Ltd, the group’s renewable energy arm, the people said, requesting anonymity.
In August, Essel Infraprojects Ltd, wholly owned by Subhash Chandra’s debt-heavy Essel group, sold its operating portfolio of 205MW to Adani Green Energy at an enterprise value of ₹1,300 crore. Prior to the sale, the Essel group had a consolidated solar power portfolio of 685MW, which it had won under the National Solar Mission and state government auctions.
