Adani Green acquires Essel Green Energy’s 40 MW solar asset in Odisha

With this procurement, Adani Green will obtain a total renewable capacity of 19.8 GW. The complete portfolio encompasses 5.4 GW operational assets, 5.7 GW under development and 8.7 GW near-production assets.

Adani Green Energy’s division Adani Renewable Energy (MH) signs a comprehensive deal with Essel Green Energy to obtain 100% economic value in a special purpose vehicle (SPV) that holds a 40 MW operating solar plant in Odisha.

The plan has a long-term power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) for Rs 4.235 per unit, with spare PPA life of around 22 years. The closing of the deal is subjected to customary terms. The takeover of the project is at an enterprise valuation of Rs 219 crore.

With this procurement, Adani Green will obtain a total renewable capacity of 19.8 GW. The complete portfolio encompasses 5.4 GW operational assets, 5.7 GW under development and 8.7 GW near-production assets.

Vneet Jaain, the managing director & CEO of Adani Green Energy, said, “We remain focused on opportunities that help us create value for shareholders and facilitate the growth of environment-friendly green power in India.”

“With the procurement 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 most significant renewable player by 2030,” said Vneet Jaain, according to Business Standard.

Adani Green Energy holds one of the biggest global renewable portfolios with 19.8 GW (gigawatts) of operating, under-construction and granted projects providing investment-grade counterparties. The company produces, constructs, holds, uses and manages utility-scale grid-connected solar and wind farm plans.

The company’s consolidated net profit rose 895.45% to Rs 219 crore on a 22.89% hike in total income to Rs 1,079 crore in Q1 FY22 over Q1 FY21. The scrip increased 0.22% to trade at Rs 1135.25 on the BSE presently. On a year-to-date (YTD) basis, the stock has totalled 7.79%, while the benchmark Sensex has achieved 24.32% during the same period.

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