Adani Green Energy to acquire 40 MW solar project in Odisha

Adani Renewable Energy (MH) Limited (AREMHL), a wholly-owned subsidiary of Adani Green Energy Limited (AGEL), plans to acquire a 40 MW operating solar project in Odisha.

The AREMHL has signed definitive agreements with Essel Green Energy Private Limited to acquire 100 per cent economic value in a special purpose vehicle (SPV) that owns the 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 acquisition of the project is at an enterprise valuation of Rs 2.19 billion.