Adani Green Energy Ltd. (AGEL) one of the leading renewables companies in India announced that it has signed an agreement for the acquisition of two special purpose vehicles (SPVs) holding 75MW operating solar projects of Sterling & Wilson Pvt. Ltd.
The enterprise valuation of the two SPVs is approximately INR 446 crore.
"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,” said Vneet Jaain, MD & CEO, AGEL.
“We will leverage the strength of our platform and capital management philosophy to achieve operational improvements and value-accretive returns from the project.”
The signed share purchase agreement for the acquisition of 100% stake in two SPVs include projects commissioned in 2017 in Telangana and have a long-term Power Purchase Agreement with Southern Power Distribution Company of Telangana.
As per AGEL, the latest acquisition will increase AGEL's operating renewable capacity to 3,470 MW with a total renewable portfolio of 15,240 MW.
- By Shraddha Kakade,
Asst. Editor, Emerging Technology News.