Adani Green Energy Ltd (AGEL) will acquire a 40 megawatt (MW) operational solar project, located in Odisha, from Essel Green at an enterprise value of Rs219 crore.

With this acquisition, AGEL’s operational project capacity will touch 5.4 GW, with a total portfolio of 19.8 gigawatt (GW). In May, AGEL bought Japan’s SoftBank Group Corp.’s and Bharti Enterprises Ltd owned solar power producer SB Energy India for an enterprise value of $3.5 billion. SB Energy India has a total renewable portfolio of 4.954 GW spread across four states in India.

“Adani Renewable Energy (MH) 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 40 MW operating solar project in Odisha,” Adani Green Energy said in a statement on Thursday.

AGEL recently raised $750 million through a green bond to fund the equity for its under construction projects.

“The project has a long-term Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) for ₹4.235 per unit, with remaining PPA life of about 22 years,” the statement added.

France’s Total has invested $2.5 billion for acquiring a 50% stake in 2.35GW operating solar assets of AGEL and a 20% stake in AGEL. The Adani-Total JV plans to commission 25GW by 2025. 

Meanwhile, India’s solar and wind generation touched an all-time high of 43.1GW on 27 July. India has also crossed the 100 GW milestone of installed renewable energy capacity.

“The total portfolio includes 5.4 GW operational assets, 5.7 GW assets under construction and 8.7 GW near construction assets,” the Adani Green Energy statement said.

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