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Adani Green on Thursday informed that its wholly-owned subsidiary Adani Renewable Energy has signed definitive agreements with Essel Green Energy for 100% acquisition of a special purpose vehicle (SPV) operated by Essel Green. The SPV comprises of 40 MW operating solar project in Odisha.

The project has a long-term Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) for 4.235 per unit, with remaining PPA life of about 22 years, Adani Green said in an exchange filing. 

The closing of the transaction is subject to customary conditions. The acquisition of the project is at an enterprise valuation of 219 crore. 

With this acquisition, AGEL will achieve a total renewable capacity of 19.8 GW. The total portfolio includes 5.4 GW operational assets, 5.7 GW assets under construction and 8.7 GW near construction assets.

Vneet Jaain, Managing Director and CEO of Adani Green Energy said, “With the acquisition of this project in Odisha, AGEL will now have its footprint across 12 states in India. We are on an expansion path that will make us the world’s largest renewable player by 2030."

Shares of Adani Green Energy were trading 0.6% higher in Thursday's early deals at 1,139.9 per share on the BSE.

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