The Adani Renewable Energy (MH) Limited (AREMHL), a wholly-owned subsidiary of Adani Green Energy Ltd (AGEL), will acquire a 40MW operating solar project, located in Odisha. The AREMHL has signed definitive agreement with Essel Green to acquire the facility at an enterprise value of Rs219 crore.
The project has a long-term Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) for Rs 4.235 per unit, with remaining PPA life of about 22 years, the company said.
The closing of the transaction is subject to customary conditions. The acquisition of the project is at an enterprise valuation of Rs 219 crore.
Vneet Jaain, managing director & CEO of Adani Green Energy Ltd., 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.”
With this acquisition, AGEL will achieve a total renewable capacity of 19.8 gigawatts (GW). The total portfolio includes 5.4 GW operational assets, 5.7 GW assets under construction and 8.7 GW near construction assets.
The acquisition comes days after Adani Group chairman Gautam Adani announced that his conglomerate will invest $20 billion in renewable energy generation and component manufacturing over the next ten years and produce the world’s cheapest green electron, its Chairman Gautam Adani has said.
The plans include tripling its renewable power generation capacity over the next four years, green hydrogen production, powering all data centers with renewable energy, and turning its ports into net carbon zero by 2025.