NEW DELHI: Gautam Adani-led Adani Green Energy Ltd (AGEL) on Saturday announced that it will buy a 50 megawatt (MW) solar project in Telangana from Toronto-headquartered SkyPower Global. The project is located in Telangana and was commissioned in October 2017 and has a long-term Power Purchase Agreement (PPA) with the Southern Power Distribution Company in the state.
“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,” said Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd.
With this acquisition, AGEL shall increase its operating renewable capacity of 3,395 MW with a total renewable portfolio of 14,865 MW, the company said in a statement. Toronto-based SkyPower is planning to exit India where it has 350 MW of assets. Apart from AGEL, many other leading companies were in a race to acquire the SPV-owned 50MW project in Telangana.