M&A

M&A

Adani Green to acquire 40 MW solar plant in Odisha from Essel Green for Rs.219-Cr

BSE Announcement  

Adani Renewable Energy (MH) Ltd (AREMHL), a wholly-owned subsidiary of publicly listed Adani Green Energy Ltd (AGEL), will acquire 100% equity shares along with other instruments held by Vento Energy Infra Private Limited from Essel Green at an enterprise value of INR 219 crore. Vento, which owns and operates a 40MW operating solar project located in Odisha, had reported a turnover of INR 16.49 Cr for FY21. The project has a long-term Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) for INR 4.235 per unit, with remaining PPA life of about 22 years. With this acquisition, AGEL will now have its footprint across 12 states. AGEL will also achieve a total renewable capacity of 19.8 gigawatts (GW). The total portfolio includes 5.4 GW operational assets, 5.7 GW assets under construction and 8.7 GW near construction assets.