Adani Green Energy has completed the acquisition of 205 megawatts (MW) operating solar energy assets from Essel Green Energy and Essel Infraprojects. On August 29, 2019, Adani Green Energy (AGEL) announced it would acquire 10 solar energy assets with a total generating capacity of 205 MW from Essel Green Energy and Essel Infraprojects for Rs 1,300 crores.

“The assets are located in Punjab, Karnataka and Uttar Pradesh. All the assets have long-term power purchase agreements (PPAs) with various state electricity distribution companies. The portfolio is relatively young with average remaining PPA life of approximately 21 years,” AGEL said in a regulatory filing. Vneet Jaain, Managing Director and CEO of Adani Green Energy said, “this is another step towards taking AGEL closer to its targeted footprint of 25 GW of renewable power by 2025.” The acquired assets will be held 100 per cent by Adani Renewable Energy Holding Ten, a 100 per cent subsidiary of AGEL, the company added. AGEL said the acquisition marks the first operational portfolio acquisition by the company on 29 Aug 2019.

The ten firms have a combined capacity of 205MV spread across three states named Karnataka, Uttar Pradesh and Punjab. Moreover, shares of Adani Green Energy were trading 0.56 per cent higher at Rs 742 apiece on BSE.