Adani group is all ready to acquire 40 MW operational project from Essel group. Essel is a debt-laden company with ₹214 crores as an outstanding amount.

Last year Adani Green Energy Ltd had already taken over 205 MW solar assets from Essel group and now acquire 40 MW. Adani Renewable Energy Limited has completed this deal which is a wholly-owned subsidiary of Adani Group.

The solar project has a 22years life remaining in the Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) at a tariff of ₹4.234/kWh.

Adani Green now holds a portfolio of a total of 19.8GW renewable energy resources. 5.4GW is operational, 5.7GW is under construction and 8.7GW is almost completely ready to be commissioned. This consolidated the presence of the giant in 12 states.

The transaction is expected to be done by September 30, 2022.

Managing Director & CEO of Adani Green Energy Ltd., Vneet Jaain said,” We remain focused on opportunities that help us create value for shareholders, as well as facilitate the growth of environment-friendly green power in India. 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.”

Reference: PV Magazine India