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AGEL to buy solar project in Telangana from Canada-based SkyPower Global

AGEL to buy solar project in Telangana from Canada-based SkyPower Global
The Gautam Adani-led Adani Green Energy Ltd (AGEL) announced that it will buy 50 megawatt (MW) solar project in Telangana from SkyPower Global.

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AGEL to buy solar project in Telangana from Canada-based SkyPower Global

The Gautam Adani-led Adani Green Energy Ltd (AGEL) announced that it will buy 50 megawatt (MW) solar project in Telangana from SkyPower Global, which is headquartered in Toronto, Canada.

An official statement said project is located in Telangana and was commissioned in October 2017, and has a long-term Power Purchase Agreement (PPA) with the Southern Power Distribution Company of Telangana. “With this acquisition, AGEL will have operating renewable capacity of 3,395MW with a total renewable portfolio of 14,865 MW.




Vineet Jain, MD and CEO AGEL, said strengthening their portfolio through organic and inorganic growth opportunities is an integral part of the company’s vision to build a capacity of 25GW by 2025 and become the largest renewable company in the world. “We will leverage the strength of our platform and capital management philosophy to achieve operational improvements and value-accretive returns from the project.

Adani Green Energy Ltd has formed an equal joint venture with French energy giant Total, and plans to commission 25GW 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 operational capacity and 14.81 GW total portfolio, the joint venture has one of the largest green energy asset base in India and plans to commission 25GW by 2025.

India has set a target of achieving a 450GW renewable energy capacity by 2030. It currently has installed renewable energy capacity of 89.63GW, with around 49.59GW capacity under execution and other 27.41GW been tendered. Around Rs 4.7 trillion has already been invested in India’s renewable energy space in the last six years, with an expected Rs 1 trillion investment opportunity each year till 2030.


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However, India has been witnessing certain regulatory uncertainties in green energy contracts in Telangana, Gujarat, Andhra Pradesh and Punjab. Low tariffs have also resulted in tariff shopping by discoms. Moreover, already awarded clean energy capacity is stranded as fund-starved discoms are unwilling to sign contracts for these previously awarded projects at a comparatively higher tariff.


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