Ahmedabad : Adani Renewable Energy (MH) Limited (AREMHL), a wholly-owned subsidiary of Adani Green Energy Ltd (AGEL),has signeddefinitive agreements with Essel Green Energy Pvt Ltd to acquire100% economic value in an SPV that owns 40 MW operating solar project in Odisha. The project hasa long-termPower Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI)for Rs 4.235 per unit,with remaining PPA life ofabout 22 years.

The closing of the transaction is subject to customary conditions. Theacquisition of the projectis at an enterprise valuation of Rs 219 Cr.

With this acquisition, AGEL will achieve a total renewable capacity of 19.8GW. The total portfolio includes 5.4GW operational assets, 5.7 GW assets underconstruction and 8.7GW near construction assets.

Vneet Jaain, Managing Director & CEO of Adani Green Energy Ltd.,said,” We remain focused on opportunities that help us create value for shareholders, as well as facilitate the growth of environment-friendly green power in India. With the acquisition of this project in Odisha, AGEL will now have its footprint across 12 states in India. We are on an expansion path that will make us the world’s largest renewable player by 2030.”

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