Adani acquires solar power plant in Odisha

BHUBANESWAR: Adani Renewable Energy (MH) Limited, a wholly-owned subsidiary of Adani Green Energy Ltd (AGEL), has acquired 40 MW operating solar project of Essel Green Energy Pvt Ltd in Odisha. The project has a long-term power purchase agreement (PPA) with Solar Energy Corporation of India for Rs 4.235 per unit with remaining PPA life of about 22 years. The acquisition of the project was at an enterprise valuation of Rs 219 crore.

With this acquisition, AGEL will achieve a total renewable capacity of 19.8 GW. The total portfolio includes 5.4 GW operational assets, 5.7 GW assets under construction and 8.7 GW near construction assets. Managing Director and CEO AGEL Vineet Jain 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.”