AGEL has signed definitive agreements with the Toronto-headquartered SkyPower Global for acquisition of 100% stake in a special purpose vehicle (SPV) that owns 50 MW operating solar asset at Telangana
With this acquisition, AGEL will have operating renewable capacity of 3,395 MW with a total renewable portfolio of 14,865 MW.
Ahmedabad, 20March, 2021: Adani Green Energy Limited (AGEL), one of the largest renewables companies in India, today announced that it has signed a share purchase agreement for acquisition of 100% stake in an SPV holding 50 MW operating solar project of the Toronto-headquartered SkyPower Global.
The project is located in Telangana and was commissioned in Oct 2017 and has a long-term Power Purchase Agreement (PPA) with the Southern Power Distribution Company of Telangana.
With this acquisition, AGEL shall increase its operating renewable capacity of 3,395 MW with a total renewable portfolio of 14,865 MW.The closing of the transaction is subject to customary approvals and conditions.
Mr. Vineet S. Jaain, MD & CEO, Adani Green Energy Ltd, said, "Strengthening our portfolio through organic and inorganic growth opportunities is in integral part of the 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.”
About Adani Green Energy Limited
Adani Green Energy Limited (“AGEL”), a part of India-based Adani Group, has one of the largest global renewable portfolios with 14.9 GW of operating, under-construction and awarded projects catering to investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. Key customers of AGEL include the National Thermal Power Corporation (“NTPC”), Solar Energy Corporation of India (“SECI”) and various state discoms. Earlier this year, Mercom Capital, the US-based think tank ranked the Adani Group as the #1 global solar power generation asset owner. For more information, please visit www.adanigreenenergy.com