Adani Green to Take Over 50 MW Solar Asset from SkyPower Global

One of India’s leading renewable companies, Adani Green Energy Limited (AGEL) has announced that it has signed a share purchase agreement for the acquisition of a 100 percent stake in a special purpose vehicle (SPV) holding 50 MW operating solar project of SkyPower Global, developers and owners of utility-scale solar energy projects, with more than 25,000 megawatts of solar projects worldwide. 

The company announced in a release that the project is located in Telangana and was commissioned in Oct 2017 which has a long-term Power Purchase Agreement (PPA) with the Southern Power Distribution Company of Telangana. 

Also, 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.

Speaking of the new project, MD & CEO of AGEL, Vneet S. Jaain expressed, “Strengthening our portfolio through organic and inorganic growth opportunities is an integral part of 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,” Mr. Jaain added. 

AGEL is moving fast towards growing its global renewable portfolio, recently the company has successfully raised a USD 1.35 billion debt package for its under-construction renewable asset portfolio through definitive agreements signed with a group of leading international lenders. The revolving project finance facility would initially finance the 1.69 GW hybrid portfolio of solar and wind renewable projects to be set up in four SPVs in the state of Rajasthan, India. 

Not only this, AGEL has commissioned a 100 MW wind power plant in Kutch, Gujarat five months ahead of its schedule, this March. 

The 100 MW wind project has a Power Purchase Agreement (PPA) with the Solar Energy Corporation of India (SECI) at a fixed tariff of Rs 2.82/kWh.

Key customers of AGEL include the National Thermal Power Corporation (NTPC), SECI, and various state discoms.