Adani Renewable Energy to Acquire 40 MW Operational Solar Project in Odisha
The project will be acquired at rupees 219 crores from Essel Green, and it has a long-term Power Purchase Agreement (PPA) with Solar Energy Corporation of India
ADANI Green Energy Ltd (AGEL) would acquire an operational solar project of 40 MW at rupees 219 crore from Essel Green, situated in Odisha. With this attainment, AGEL’s operational project capacity would reach 5.4 GW, with a total portfolio of 19.8 gigawatt (GW).
Adani Renewable Energy (MH) Limited (AREMHL), a completely retained subsidiary of AGEL, proclaimed about its conclusive agreements with Essel Green Energy Pvt Ltd to acquire 100 percent economic value in SPV that owns 40 MW operating solar project in Odisha.
The company mentioned;
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 closing of the transaction is subject to accustomed conditions. The procurement of the project is at an enterprise estimation of Rs 219 crore.
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Vneet S. Jaain, Managing Director and CEO of Adani Green Energy Ltd. shed light on the fact that the company mainly focused on providing opportunities for stakeholders while contributing to the growth of green power in India.
The project benefited them to expand themselves across 12 states, claiming to be the world’s largest renewable player by 2030.
With major companies such as Adani Group and Reliance stepping up their solar power game, India is most likely to surpass its renewable energy goals.
Via: Business Today