Adani Inexperienced Power on Thursday mentioned it had accomplished the acquisition of 205 megawatt (MW) working photo voltaic belongings from the Essel Inexperienced Power and Essel Infraprojects for Rs 1,300 crore.
That is Adani Inexperienced’s first operational portfolio acquisition. The corporate will maintain the acquired belongings in Adani Renewable Power Holding Ten Restricted, a wholly-owned subsidiary of the Adani Inexperienced. The corporate had signed definitive agreements for the acquisition of those belongings from Essel in August 2019.
The corporate mentioned the belongings are situated in Punjab, Karnataka and Uttar Pradesh, and have long-term Energy Buy Agreements (PPAs) with numerous state electrical energy distribution corporations. The portfolio, the corporate added, has a remaining PPA life of roughly 21 years.
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“The acquisition of 205 MW photo voltaic portfolio expands our footprint in states the place we have already got a presence, and with our sturdy operational experience, we are going to ship vital worth for our shareholders,” mentioned Vneet Jaain, managing director and chief government officer (CEO) of Adani Inexperienced Power. He added, “That is one other step in direction of taking Adani Inexperienced nearer to its focused footprint of 25 giga watt of renewable energy by 2025.”
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