Tuesday, September 27, 2022

Adani Green rises on BSE after Essel solar asset deal announcement

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New Delhi: Adani Green shares rose a big 10.49 percent to Rs 47.90 apiece on the BSE on Friday, a day after it announced that it will acquire 205 MW of solar assets from Essel Infra. The deal is valued at Rs 1,300 crores. The assets are located in Punjab, Karnataka, and Uttar Pradesh. Adani Green said that all these assets have long-term power purchase agreements with various state electricity distribution companies.

Adani’s first acquisition of operational assets

This would be Adani’s first acquisition of operating assets. “The acquisition of 205 MW of operating solar assets strengthens Adani Green Energy’s position as one of India’s premier renewable power producers, with a total portfolio of 5.
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5 gigawatt (GW), of which 2.5 GW is operational, and the remaining is to be operationalised over the next two years,” said Jayant Parimal, chief executive officer for Adani Green Energy.

Deal is part of disinvestment process

The Adani deal is part of the disinvestment process undertaken by Essel Group promoters to pare its debt and repay lenders by September 30. The company has a debt of over Rs 11,000 crores. Last month, Essel announced the sale of 11 percent in Zee Entertainment Enterprises to financial investor Invesco Oppenheimer Fund for Rs 4,224 crore.

“Our asset divestment process is within the purview of the agreed timelines with our esteemed lenders. The sale of the group’s solar assets to AGEL is yet another positive step taken in this direction,” an Essel group spokesperson said.

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