Categories: Economy

Adani Green Energy buys solar projects in Telangana for Rs 446 crore

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

IN Bureau

Recent Posts

Outdated infrastructure and transformer failures worsen electricity shortages in PoGB

The region of Pakistan-occupied Gilgit-Baltistan (PoGB) is enduring an escalating electricity crisis that continues to…

17 minutes ago

Uyghur educational activist dies in custody of Chinese authorities

An Uyghur intellectual and education advocate, who was detained the night before his daughter's wedding…

3 hours ago

Create data-rich platform to benefit investigation officers: Amit Shah to NCRB

Union Home Minister Amit Shah has instructed the National Crime Records Bureau (NCRB) to develop…

3 hours ago

Brazil:163 workers rescued from “slave” like conditions from Chinese EV company BYD

Brazilian authorities have rescued 163 workers from conditions similar to "slavery" at a construction site…

4 hours ago

Water crisis worsens in PoJK as natural springs dry up

The water crisis in Pakistan-occupied Jammu and Kashmir (PoJK) has reached alarming levels as natural…

4 hours ago

UK House of Lords members express concern over China’s human rights violations in Tibet

On the 40th anniversary of the Sino-British Joint Declaration, members of the UK House of…

5 hours ago