Adani Green Energy to buy 50% stake in Essel Saurya Urja

Adani Green Energy said that its wholly-owned subsidiary, Adani Renewable Energy Holding Two has entered into a binding term sheet for acquisition of 50% equity interest in Essel Saurya Urja Company of Rajasthan (ESUCRL) for Rs 15 crore.

ESUCRL owns and operates a solar park with a capacity of 750 megawatt (MW) in the state of Rajasthan. It had a turnover of Rs 9.88 crore in financial year 2021-22.

The power generation company said that the acquisition will expand its footprint in Rajasthan, where the company already owns and operates solar park in a joint venture company with Government of Rajasthan i.e. Adani Renewable Energy Park Rajasthan. The acquisition is expected to be value accretive to its shareholders, it added.

The aggregate cost of acquisition is Rs 15 crore for acquiring 50% equity interest in ESUCRL from seller. The transaction is expected to be completed by 28 February 2023.

The company said that the remaining 50% of the equity shares shall continue to be held by Government of Rajasthan.

Adani Green Energy (AGEL), a part of India-based Adani Group, has one of the largest global renewable portfolios with overall portfolio of 20.4 gigawatt (GW). The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.

Shares of Adani Green Energy slipped 3.34% to Rs 2,094.10 on the BSE.

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