Adani Green Energy to acquire 205 MW of solar assets from Essel Group

The renewable energy arm of the Adani group, Adani Green Energy has announced the acquisition of 205 MW of solar assets from Essel Group. This marks the first acquisition of operating solar projects by Adani. The projects are located in Punjab, Karnataka, and Uttar Pradesh and have have been acquired from Essel Green Energy Private Limited (EGEPL) and Essel Infraprojects Limited (EIL) for about Rs 13 billion. All projects are under long term power purchase agreements with a remaining life of around 22 years.

In July 2019, the promoters of Adani Green Energy Limited announced plans to sell a 5.98 per cent stake in the company through an offer for sale. The stake sales were being planned to bring down the promoter shareholding in the company to 75 per cent to meet the norms of the Securities and Exchange Board of India on minimum public shareholding, which requires listed companies to have at least 25 per cent public shareholding.

As of March 31, 2019, the promoters of Adani Green Energy held 86.5 per cent stake in the company. The promoters aim to collectively sell 93.5 million shares of the company. The promoters had set a floor price of Rs 43 for the share sale, which will value the stake at Rs 4.02 billion.

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