星期日, 4月 11, 2021
Home PV News Adani Green to Acquire a 50 MW Solar Project from SkyPower Global

Adani Green to Acquire a 50 MW Solar Project from SkyPower Global

With this acquisition, AGEL will have a renewable operating capacity of 3,395 MW with a total renewable portfolio of 14,865 MW

Source:MERCOM

Adani Green Energy Limited (AGEL) announced that it had signed a share purchase agreement to acquire a 100% stake in an SPV (Special Purpose Vehicle) holding a 50 MW operating solar project of the Toronto-headquartered SkyPower Global.

The project is in Telangana and was commissioned in Oct 2017, and has a long-term Power Purchase Agreement (PPA) with the Southern Power Distribution Company of Telangana.

With this acquisition, AGEL shall increase its renewable operating capacity of 3,395 MW with a total renewable portfolio of 14,865 MW. The closing of the transaction is subject to customary approvals and conditions.

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.”

Adani Green Energy also recently signed a security purchase agreement with Hindustan Cleanenergy and Peridot Power Ventures to acquire Spinel Energy and Infrastructure’s total share capital and securities. Spinel has a 20 MW  solar project in operation in Mahoba, Uttar Pradesh. The project has a power purchase agreement (PPA) with one of the state distribution companies at a tariff of ₹7.54(~$0.10)/kWh. Hindustan Cleanenergy is a 100% subsidiary of Hindustan Power Projects Private Limited, which is a multi-fuel-based power projects developer. The company was set up as the solar holding company of the group and to develop solar power projects.

AGEL also secured a $1.35 billion (~₹97.93 billion) debt package for its under-construction renewable asset portfolio. The company has signed definitive agreements with international lenders.

Mercom’s flagship event Mercom India Solar Summit, to be held virtually on April 8th and 9th, has an exclusive session to discuss “Project M&A – Quality Solar Assets Are in High Demand”. In this session, developers and investors will address how solar projects can be made more attractive and easy to acquire. We will also have international investors share what they are looking for. You can click here to register for the event.

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