The acquired assets will be held 100 per cent by Adani Renewable Energy Holding Ten, a 100 per cent subsidiary of AGEL, the company added
Adani Green Energy on Thursday said it has completed the acquisition of 205 mega watt (MW) operating solar energy assets from Essel Green Energy and Essel Infraprojects.
On August 29, 2019, Adani Green Energy (AGEL) announced it would acquire 10 solar energy assets with a total generating capacity of 205 MW from Essel Green Energy and Essel Infraprojects for ₹1,300 crore.
"The assets are located in Punjab, Karnataka and Uttar Pradesh. All the assets have long-term power purchase agreements (PPAs) with various state electricity distribution companies. The portfolio is relatively young with average remaining PPA life of approximately 21 years," AGEL said in a regulatory filing.
Vneet Jaain, Managing Director and CEO of Adani Green Energy said "this is another step towards taking AGEL closer to its targeted footprint of 25 GW of renewable power by 2025."
The acquired assets will be held 100 per cent by Adani Renewable Energy Holding Ten, a 100 per cent subsidiary of AGEL, the company added.
AGEL said the acquisition marks the first operational portfolio acquisition by the company on 29 Aug 2019.
The 10 companies have a combined capacity of 205 MW spread across three states -- Karnataka, Uttar Pradesh and Punjab.
The ten firms are -- Essel Bagalkot Solar Energy, Essel Gulbarga Solar Power, Essel Urja, KN Bijapura Solar Energy, KN Indi Vijayapura Solar Energy, KN Muddebihal Solar Energy, KN Sindagi Solar Energy, PN Clean Energy, PN Renewable Energy and TN Urja.