Adani Green Energy to acquire 40MW solar power project in Odisha

Adani Green Energy (AGEL) has agreed to acquire a 40MW operating solar power project in Odisha from Essel Green Energy for INR 219 crores ($29 million).

The acquisition will be carried out by the company’s fully-owned subsidiary Adani Renewable Energy (MH) Limited (AREMHL).

The solar power project in Odisha is underpinned by a long-term power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) for INR 4.235 per unit. The remaining PPA life is nearly 22 years.

The closing of the deal is subject to customary conditions.

Following the closing, Adani Green Energy will take its total renewable capacity to 19.8GW. Its total portfolio includes 5.4GW of operational capacity, 5.7GW capacity under construction, and 8.7GW near construction assets.

Adani Green Energy to acquire 40MW solar power project in Odisha. Photo courtesy of atimedia from Pixabay.

Vneet Jaain — Managing Director and CEO of Adani Green Energy said: “We remain focused on opportunities that help us create value for shareholders, as well as facilitate the growth of environment-friendly green power in India. 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.”

Earlier this month, Adani Green Energy raised $750 million through a three-year issuance under the 144A / Reg S format. The funds will be used by the Adani Group company for funding the capital for its renewable projects under construction.

Recently, Adani Group committed an investment of $20 billion over the next 10 years in renewable energy generation, manufacturing of components, and transmission and distribution.