Adani Green-Total JV takes over Essel’s 205 MW solar assets

• The acquisition takes the total operating renewable portfolio under the JV to 2,353 MW

• TOTAL has invested INR 310 Cr in the JV pursuant to the transaction

Ahmedabad:  Adani Green Energy Limited's (AGEL) joint venture company with TOTAL SA (TOTAL) completed another acquisition as per the JV agreement, by way of transfer of 205 MW of operating solar assets from Essel for an enterprise valuation of Rs 1,632 crore. With the acquisition, the total operating renewable portfolio under the JV stands at 2,353 MW, said the company in an official statement on Thursday. TOTAL, through its step-down subsidiary has invested Rs 310 crore in the JV for 50 percent stake in the new acquisition. AGEL had earlier announced acquisition of these assets from Essel Group on October 1. 

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.

Acquisition in line with ambition to have 25 GW RE capacity by 2025: Adani

The transaction underlines AGEL's and TOTAL's commitment to grow the JV platform and deepens their partnership in the renewables space, the statement said. "The assets expand the JV's footprint in states where it already has a presence through its existing portfolio. This coupled with AGEL's strong operational expertise will help deliver value to the JV partners," it added.  

ALSO READ: Adani Green Energy bags world's largest solar award from SECI

Adani Group Chairman, Gautam Adani, said; "India continues to be one of the most attractive markets for clean energy globally. We are delighted to expand our partnership with TOTAL and are committed to grow our renewables JV platform with them. This step is in line with our ambition of achieving 25 GW of renewable power capacity by 2025 and becoming the world's largest renewable power company by 2030."

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)