Adani Green Energy Limited (AGEL), one of the largest renewables companies in India, today announced that it has signed a share purchase agreement for acquisition of 100% stake in an SPV holding 50 MW operating solar project of the Toronto-headquartered SkyPower Global.
The project is located in Telangana and was commissioned in Oct 2017 and has a long-term Power Purchase Agreement (PPA) with the Southern Power Distribution Company of Telangana.
With this acquisition, AGEL shall increase its operating renewable capacity of 3,395 MW with a total renewable portfolio of 14,865 MW. The closing of the transaction is subject to customary approvals and conditions.
Mr. Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd, said, “Strengthening our portfolio through organic and inorganic growth opportunities is in integral part of the our vision to build a capacity of 25 GW by 2025 and become the largest renewables company in the world. We will leverage the strength of our platform and capital management philosophy to achieve operational improvements and value-accretive returns from the project.”