Adani Group’s inexperienced power agency Adani Inexperienced Vitality Ltd (AGEL) has accomplished the acquisition of 205 MW working photo voltaic belongings from Essel Inexperienced Vitality Pvt Ltd (EGEPL) and Essel Infraprojects Ltd (EIL).
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The acquired belongings will likely be held 100 per cent by Adani Renewable Vitality Holding Ten Ltd, a 100 per cent subsidiary of AGEL, the corporate stated in a press release immediately. The belongings are positioned in Punjab, Karnataka and Uttar Pradesh.
All of the belongings have long run Energy Buy Agreements (PPAs) with numerous State electrical energy distribution corporations.
The portfolio is comparatively younger with a mean remaining PPA life of roughly 21 years, the assertion added.
Vneet Jaain, MD and CEO of AGEL, stated: “The acquisition of 205 MW photo voltaic portfolio expands our footprint in States the place we have already got a presence, and with our robust operational experience, we’ll ship important worth for our shareholders. That is one other step in the direction of taking AGEL nearer to its focused footprint of 25 GW of renewable energy by 2025.”
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The acquisition marks the primary operational portfolio acquisition by AGEL. The corporate had introduced the execution of definitive agreements for the acquisition of the Essel Portfolio on August 29, 2019.
AGEL shares traded optimistic in early trades on the inventory exchanges on Thursday, with near 1 per cent positive aspects at ₹744.05 on the NSE.