Adani Green Energy Limited (AGEL), one of the largest renewables companies in India, today announced that it has signed a share purchase agreement for the acquisition of 100% stake in two SPVs holding75 MW operating solar projects of Sterling &Wilson Private Limited, a Shapoorji Pallonji group company.
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.
The enterprise valuation of the two target SPVs is Rs. 446Cr. With this acquisition, AGEL will increase its operating renewable capacity to 3,470 MW with a total renewable portfolio of 15,240 MW. The closing of the transaction is subject to customary conditions.
Mr. Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd, said, “Strengthening our portfolio through organic and inorganic growth opportunities is an integral part of our vision to build a capacity of 25 GW by 2025 and become the largest renewables 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.”