Adani Green Energy arm to buy 50% equity in Essel Saurya Urja for Rs 15 cr

The remaining 50% of the equity shares will continue to be held by the government of Rajasthan

Adani Green Energy arm Adani Renewable Energy Holding Two Ltd will acquire 50 per cent equity in Essel Saurya Urja Company of Rajasthan Ltd from Essel Infraprojects for Rs 15 crore.

Adani Renewable Energy Holding Two Ltd (ESUCRL) has entered into a binding term sheet with Essel Infraprojects Ltd on January 17, 2023 to this effect, Adani Green Energy said in a regulatory filing.

The remaining 50 per cent of the equity shares will continue to be held by the government of Rajasthan.

ESUCRL owns and operates a solar park with 750 MW capacity in Rajasthan. It had a turnover of Rs 9.87 crore in 2021-22. The authorised capital of ESUCRL is Rs 50 crore while the paid up capital is Rs 46.56 crore.

ESUCRL develops solar parks to enable setting up renewable energy generation plants by developers.

The acquisition will expand AGEL's footprint in the state of Rajasthan, where the Adani Green Energy Ltd (AGEL) already owns and operates a solar park in a joint venture company with the Rajasthan government -- Adani Renewable Energy Park Rajasthan Ltd. It was incorporated on 27th May, 2015.

The acquisition is expected to be value accretive to the company's shareholders, it added.