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 Rs 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.
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 percent by Adani Renewable Energy Holding Ten, a 100 percent subsidiary of AGEL, the company added.
AGEL said the acquisition marks the first operational portfolio acquisition by the company on 29 Aug 2019.
This is a Syndicate News-Feed; edited by Clean-Future Team