Essel to sell solar power assets to Adani Green Energy for ₹1,300 cr
In a move aimed at trimming its debt further, Subhash Chandra-backed Essel Group has decided to sell 205 MW of operating solar power assets worth ₹1,300 crore to Adani Green Energy Limited (AGEL).
The assets, owned by Essel Green Energy Pvt Ltd and Essel Infraprojects Ltd, are located in Punjab, Karnataka and Uttar Pradesh. They have long-term power purchase agreements (PPAs) with State electricity distribution companies.
This is the second major deal announced by Essel Group, which is racing against time to settle its debt. Earlier, it had decided to sell an 11 per cent promoter stake in Zee Entertainment (ZEEL) to Invesco Oppenheimer for ₹4,224 crore.
