Adani Renewable Energy (MH) Limited (AREMHL), a wholly-owned subsidiary of Adani Green Energy Ltd (AGEL), has signed agreements with Essel Green Energy Private Limited to acquire 100 per cent stake in a special purpose vehicle (SPV) that operated a 40 MW functioning solar project in Odisha. With the acquisition of the project in Odisha, AGEL will now have presence across 12 states in India.
The project has a long-term power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) at a rate if Rs 4.235 per unit, with remaining PPA life of about 22 years. The closing of the transaction is subject to customary conditions. The acquisition of the project is at an enterprise valuation of Rs 2.19 billion. AGEL’s total renewable capacity will increase to 19.8 GW, with 5.4 GW operational assets, 5.7 GW under development assets, and 8.7 GW near construction assets.
In April 2021, AGEL had announced that it received a letter of award from Torrent Power to set up a 150 MWAC grid-connected solar power project in Gujarat, India. The solar project was won by the company at a tariff of Rs 2.22 per kWh. A power purchase agreement had also been signed for a period of 25 years with the power utility. The project was awarded to the Adani Renewable Energy Holding Fifteen Limited. In February 2021, AGEL and Torrent Power Generation won capacities in Torrent Power Limited’s auction to develop 300 MW of grid-connected solar projects in Gujarat. The two companies quoted a winning tariff of Rs 2.22 per kWh and were awarded capacities of 150 MW each.