Gautam Adani-led Adani Green Energy Ltd (AGEL) has signed an agreement with Shapoorji Pallonji Group company Sterling & Wilson Private Ltd to buy its 75 megawatt (MW) operating solar projects in Telangana for Rs 446 crore.

 “AGEL has signed definitive agreements with Sterling & Wilson Private Limited for the acquisition of 100% stake in two special purpose vehicles (SPVs) that own 75 MW operating solar projects at Telangana," the Ahmedabad-based company said in a statement.

This move comes in the backdrop of Shapoorji Pallonji Group missing deadlines to repay dues to group company Sterling and Wilson Solar Ltd.

This is the second solar project acquisition in Telangana for AGEL as it had recently announced a buyout plan for a 50 MW solar project in the state from Toronto-headquartered SkyPower Global.

“With this acquisition, AGEL will have operating renewable capacity of 3,470 MW with a total renewable portfolio of 15,240 MW," the statement said and added, “The projects, commissioned in 2017, are located in Telangana and have long-term Power Purchase Agreements (PPA) with the Southern Power Distribution Company of Telangana," the AGEL statement explained.

AGEL has formed an equal joint venture with French energy giant Total and plans to commission 25 GW  by 2025. Total has invested $2.5 billion for acquiring a 50% stake in 2.35 GW operating solar assets of AGEL and a 20% stake in AGEL. With 3.24GW current operational capacity and 14.81 GW total portfolio, the JV has one of the largest green energy asset base in India and plans to commission 25 GW by 2025.

With businesses stretching across energy, ports, airports, logistics, mining, gas, defence and aerospace sectors, the Adani Group has been ramping up its green energy portfolio. It has also been acquiring projects in other sectors as part of its fast-growth strategy.