Adani Green Energy to acquire 40 MW operational solar asset in Odisha

Adani Renewable Energy Limited (AREMHL), a wholly-owned subsidiary of Adani Green Energy Ltd (AGEL), has signed definitive agreements with Essel Green Energy Pvt Ltd to acquire 100% economic value in an SPV that owns a 40 MW operating solar project in Odisha.

The project has a long-term Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) for INR4.235 per kWh (US$56.68/MWh), with remaining PPA life of about 22 years.

The closing of the transaction is subject to customary conditions. The acquisition of the project is worth approximately INR2.19 billion (US$29.5 million).