Adani Firm to Acquire 50% Equity in Rajasthan’s Essel Saurya Urja

Adani Green added 2140MW of renewable energy from its hybrid projects

Adani Renewable Energy Holding Two Ltd has announced that the company will acquire 50 per cent equity in Rajasthan based renewable energy company Essel Saurya Urja Company of Rajasthan Ltd (ESUCRL). The deal has been announced to be for Rs 15 crore from Essel Infraprojects a firm belonging to the troubles Essel Group whose promoters were also behind the Zee Bouquet of channels. The acquiring firm is a wholly-owned subsidiary of Adani Green Energy Ltd (AGEL). With this, it seems safe to say that the name will change soon. Essel and the Rajasthan government had envisaged investments of Rs 4000 crores into the venture at the time of setting up the firm.

Adani Renewable Energy Holding Two Ltd said that it signed a binding term sheet that will allow it to take control of 50 per cent equity interest in Essel Saurya Urja Company of Rajasthan Limited from Essel Infraprojects which is termed as the seller.

Adani firm also said that the remaining 50 per cent of shares will be held by the state government of Rajasthan. The company informed in the declaration that the closing of the transaction will remain subject to customary approvals, conditions, and execution of a detailed Share Purchase Agreement.

ESUCRL delves in the business of owning and developing solar projects and helps in the construction of renewable energy generation facilities by developers. ESUCRL itself owns and operates a solar power facility having a capacity of 750 MW capacity in Rajasthan. The company disclosed its turnover for the FY 2021-22 as Rs 9.8 crore.

At present, Adani Green Energy Ltd (AGEL) already has a joint venture with the Rajasthan Government and the company is owning and operating a solar power project in the state.

The renewable energy business of Adani Group is rising quite tremendously. In November, Rahul Bhutani, Sales and Marketing Head of Adani Solar, revealed in a talk to Saur Energy that the company already has 1.5-2 GW of export orders. The company also introduced India’s first large sized monocrystalline silicon ingot.

AGEL recently announced that its third hybrid power plant in Rajasthan, with a 450 megawatt capacity, had been placed into operation.