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Adani Green Energy to acquire 75 MW operating solar projects from Sterling & Wilson for Rs. 446 Cr

Adani Green Energy to acquire 75 MW operating solar projects from Sterling & Wilson for Rs. 446 Cr

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  • AGEL has signed definitive agreements with Sterling & Wilson Private Limited for the acquisition of 100% stake in two special purpose vehicles (SPVs) that own 75 MW operating solar projects at Telangana
  • The acquisition is at an enterprise valuation of approximately Rs. 446 Cr
  • With this acquisition, AGEL will have operating renewable capacity of 3,470 MW with a total renewable portfolio of 15,240 MW

Ahmedabad, 24 March, 2021: Adani Green Energy Limited (AGEL), one of the largest renewables companies in India, today announced that it has signed a share purchase agreement for the acquisition of 100% stake in two SPVs holding 75 MW operating solar projects of Sterling & Wilson Private Limited, a Shapoorji Pallonji group company.

The projects, commissioned in 2017, are located in Telangana and have long-term Power Purchase Agreements (PPA) with the Southern Power Distribution Company of Telangana.

The enterprise valuation of the two target SPVs is Rs. 446 Cr. With this acquisition, AGEL will increase its operating renewable capacity to 3,470 MW with a total renewable portfolio of 15,240 MW. The closing of the transaction is subject to customary conditions.

Mr. Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd, said, “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. We will leverage the strength of our platform and capital management philosophy to achieve operational improvements and value-accretive returns from the project.”

About Adani Green Energy Limited

Adani Green Energy Limited (“AGEL”), a part of India-based Adani Group, has one of the largest global renewable portfolios with 15.2 GW of operating, under-construction and awarded projects catering to investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. Key customers of AGEL include the National Thermal Power Corporation (“NTPC”), Solar Energy Corporation of India (“SECI”) and various state discoms. Earlier this year, Mercom Capital, the US-based think tank ranked the Adani Group as the #1 global solar power generation asset owner.

(Sanket Mehta)

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