Adani Green Energy enters deal with Hindustan Cleanenergy Ltd and Peridot Power Ventures for 20 MW solar project

Adani Green Energy Ltd (AGEL) has entered into an agreement with Hindustan Cleanenergy Ltd and Peridot Power Ventures Ltd to acquire Spinel Energy & Infrastructure Ltd (SEIL), a holding company that owns a 20 MW operating solar photovoltaic project located in Uttar Pradesh in India. 

The project was built in Mahoba and has been in operation since October 2017 for an INR7.54 per kWh (US$103.37 per MWh).

The deal is acquired for an enterprise value of INR1.33 billion (US$18.23 million). The transaction is expected to close by February.