Adani Renewable Energy to acquire 40 MW solar project in Odisha

Adani Renewable Energy (MH) Limited (AREMHL), a wholly-owned subsidiary of Adani Green Energy Ltd (AGEL), announced on Thursday that it has signed definitive agreements with Essel Green Energy Pvt Ltd to acquire 100% economic value in an SPV (special purpose vehicle) that owns 40 MW operating solar project in Odisha.

"The project has a long-term Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) for Rs 4.235 per unit, with remaining PPA life of about 22 years," the company said in a statement.

The closing of the transaction is subject to customary conditions. The acquisition of the project is at an enterprise valuation of Rs 219 crore.

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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.

"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. With the acquisition of this project in Odisha, AGEL will now have its footprint across 12 states in India. We are on an expansion path that will make us the world's largest renewable player by 2030," said Vneet Jaain, Managing Director & CEO of Adani Green Energy Ltd.

Unveiling his infrastructure conglomerate's green vision, billionaire Gautam Adani, on September 21, said his group will invest $20 billion over the next 10 years in renewable energy generation and component manufacturing and will produce the world's cheapest green electron.

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