New Delhi/Ahmadabad: Adani Green Energy Limited (AGEL) on Wednesday announced that it has signed a share purchase agreement for the acquisition of a 100 percent stake in two SPVs holding 74.94 MW operating solar projects of Sterling & Wilson, a Shapoorji Pallonji group company. This information has been shared by the AGEL in a regulatory filing to the stock exchange on Wednesday.
The projects, commissioned in 2017, are located in the Medak District of Telangana and have long-term power purchase agreements (PPA) with the Southern Power Distribution Company of Telangana Limited.
"The enterprise valuation of the target SPV is Rs. 446 Cr. 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 approvals and conditions," it added.
Speaking on this AGEL's MD & CEO Vineet S Jaain 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."
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