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Adani inks pact with Essel Green for 40 MW solar project in Odisha

2021-10-01

Adani Renewable Energy has signed an agreement with Essel Green Energy to acquire a 40 MW operational solar project for Rs 2.9 billion in Odisha.

The solar power project is based on a long-term power purchase agreement (PPA) of 22 years with Solar Energy Corporation of India (SECI) for a tariff of Rs 4.23 per kWh.

After the acquisition, Adani Renewable Energy's portfolio would stand at 19.8 GW. From the total, 5.4 GW power capacity is operational, 5.7 GW capacity is under construction, and the remaining 8.7 GW are in the pipeline.

Managing Director and Chief Executive of Adani Green Energy, Vneet S Jaain, told the media that the company is focused on opportunities to create value for shareholders, along with environment-friendly green energy in India. With this solar project acquisition of 40 MW, AGEL will have its footprints across 12 states in the country. The company is on a growth path to become the world's largest renewable sector by 2030.

Adani Green had signed a share purchase agreement in May to acquire a 100% stake in SB Energy India from SoftBank Group and Bharti Group. The renewable portfolio of SB Energy India is 4,954 MW, spread across four states.

AGEL would acquire 75 MW operational solar assets at a tariff for Rs 4.46 billion in Telangana from Sterling and Wilson, said the sources.

Adani's solar projects acquisition was higher in the second quarter (Q2) of 2021 of 24 GW, compared to 14.6 GW in the previous quarter. In Q2 2021, project developers and independent power producers were the most active, raising the capacity by 13.3 GW.

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