With businesses spanning across energy, ports, airports, logistics, mining, resources, gas, defence and aerospace, Adani Group has been ramping up its green energy portfolio and has been on an acquisition spree across other sectors as well
New Delhi: Gautam Adani-led Adani Green Energy Ltd (AGEL) will buy 75 megawatt (MW) operating solar projects in Telangana from Sterling & Wilson Private Ltd for ₹446 crore.
Adani Green Energy Ltd (AGEL) has been buying solar projects in Telangana, in the backdrop of the state electricity distribution companies (discoms) not paying outstanding dues to solar power developers, as reported by Mint earlier. AGEL recently announced a buyout plan for 50 MW solar project in Telangana from Toronto-headquartered SkyPower Global.
“AGEL has signed definitive agreements with Sterling & Wilson Private Limited for the acquisition of 100% stake in two special purpose vehicles (SPVs) that own 75 MW operating solar projects at Telangana," the Ahmedabad-based firm announced on Wednesday.
This also comes in the backdrop of Shapoorji Pallonji Group missing deadlines to repay dues to group company Sterling and Wilson Solar Ltd.
With businesses spanning across energy, ports, airports, logistics, mining, resources, gas, defence and aerospace, Adani Group has been ramping up its green energy portfolio and has been on an acquisition spree across other sectors as well.
“With this acquisition, AGEL will have operating renewable capacity of 3,470 MW with a total renewable portfolio of 15,240 MW," the statement said and added, “The projects, commissioned in 2017, are located in Telangana and have long-term Power Purchase Agreements (PPA) with the Southern Power Distribution Company of Telangana."
AGEL has formed an equal joint venture with French energy giant Total and plans to commission 25 GW by 2025. Total has invested $2.5 billion for acquiring a 50% stake in 2.35 GW operating solar assets of AGEL and a 20% stake in AGEL. With 3.24GW current operational capacity and 14.81 GW total portfolio, the JV has one of the largest green energy asset base in India and plans to commission 25 GW by 2025.
India has set a target of achieving a 450GW renewable energy capacity by 2030. It currently has an installed renewable energy capacity of 89.63GW, with around 49.59GW capacity under execution and another 27.41GW been tendered.